Rolls-Royce to cut 17% staff amid GBP3 billion cash outflowChristian Fernsby ▼ | July 9, 2020
Rolls-Royce expects 2000 staff to have gone by August.
More than 3000 employees have expressed interest in voluntary redundancy with most of those to have gone by next month.
Rolls-Royce also warned that it has seen £3 billion of cash flood out of the business as orders dried up and demand to service planes fell catastrophically.
The company gets much of its revenue from the regular servicing of aircraft with its engines but, with flying hours in civil aviation down 75% in the second quarter of the year, demand collapsed. That meant it received some £1.1 billion less cash inflow than normal during the first half of the year. ■