The Company issues non-cumulative redeemable preference shares of 0.1p (C Shares) as an alternative to paying a cash dividend.
Other financial highlights include:
Good end to 2019: strong Civil Aerospace aftermarket; better Power Systems trading in Q4
Underlying core operating profit up 25% to £810m; reported group operating loss £(852)m
Core FCF £911m led by higher profit and reflecting £173m Trent 1000 insurance receipts
£0.5bn improvement in net cash position to £1.4bn; gross debt reduced by £1.1bn
Trent 1000 in-service cash costs £578m; £1.4bn exceptional charge in 2019 results
Trent 1000 guidance unchanged from November trading update
Record widebody engine deliveries; 14% lower OE unit loss; 64% share of new orders
Defence: record £5.3bn order intake driving 26% order book growth and healthy cash flow
Power Systems: revenue up 4% & operating margin +90bps despite market challenges
2020: underlying operating profit up ~15%; at least £1bn FCF; excl. any material COVID-19 impact
Remain confident in mid-term target of at least £1 per share of FCF (>£1.9bn FCF)
