- Analysts predict profits will more than double in 2023, compared to 2022
- Profits boom comes after boss reveals strategy to quadruple profits
- Tufan Erginbilgic promised to increase profits to £2.8bn in November
Rolls-Royce is expected to post a windfall profit of £1.4bn this week as the turnaround plan led by boss Tufan Erginbilgic continues.
City analysts predict the British engineering company, which makes aircraft engines, will more than double profits in 2023 compared to the previous year.
The FTSE 100 firm will release its annual results on Thursday, when investors will also be interested to see if Rolls-Royce pays a dividend.
The profit boom comes three months after Erginbilgic, who took over in January 2023, unveiled a strategy to quadruple profits within five years.
Former BP executive Erginbilgic pledged in November to boost profits to £2.8bn by 2027, up from £652m in 2022.
High-flying: Rolls-Royce was the biggest riser on the FTSE 100 in 2023, with its share price up more than 200 per cent
It also plans to increase margins in its core civil aerospace business from 2.5 percent in 2022 to up to 17 percent in 2027.
Rolls-Royce spent years underperforming and was on the brink of bankruptcy during the pandemic.
But the company was the biggest riser in the FTSE 100 in 2023, with its share price soaring more than 200 per cent in its best year since its 1987 listing.
Last year it announced plans to cut 2,500 jobs, up to 6 percent of its workforce.