Dec 11, 2020
City Bulletin: Rolls-Royce warns of slowdown just months after tapping shareholders for £2bn
The aerospace market is nearing stall speed for Rolls-Royce, which has warned of worse than expected cash outflows just a month after tapping shareholders for £2bn. The jet engine maker said the recovery in flying hours had been slowed by the second wave of Covid-19 infections around the globe. Over the 11 months to November engine flying hours were approximately 42 per cent of their prior year level compared with Rolls' base case of 45 per cent. The company said with a trading update that, having raised £22m in April with an emergency share placing, business was now brisk enough to justify buying back shares with a value of up to £3m. Housebuilder Bellway reported strong underlying demand for new homes, with a 6 per cent increase in the reservation rate to 210 properties per week and "Substantial" forward sales. Ahead of its AGM the company said it expects an approximately 25 per cent increase in completions in its full year to July 2021. XN, one of this year's largest new hedge funds, has returned 46 per cent in its first five months of trading.
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