Company:Rolls-Royce Holdings

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Rolls-Royce Holdings plc
Rolls-Royce
TypePublic
Short description: Stock exchange in the City of London
London Stock Exchange
Arms
Arms
TypeStock exchange
LocationCity of London, England, United Kingdom
Founded30 December 1801; 224 years ago (1801-12-30)
OwnerLondon Stock Exchange Group
Key people
CurrencySterling (most primary listings; stock prices are quoted in pence rather than pounds)
No. of listings1,918 issuers [1]
Market capUSD$3.18 trillion (as of August 2023)[2]
Indices
  • FTSE 100 Index
  • FTSE 250 Index
  • FTSE 350 Index
  • FTSE SmallCap Index
  • FTSE All-Share Index
Website{{{1}}}

London Stock Exchange (LSE) is a stock exchange in the City of London, England , United Kingdom. As of August 2023, the total market value of all companies trading on the LSE stood at $3.18 trillion.[3] Its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London. Since 2007, it has been part of the London Stock Exchange Group (LSEG (LSE: [Script error: No such module "Stock tickers/LSE". LSEG])).[4] The LSE is the most-valued stock exchange in Europe as of 2023.[5] According to the 2020 Office for National Statistics report, approximately 12% of UK-resident individuals reported having investments in stocks and shares.[6] According to the 2020 Financial Conduct Authority (FCA) report, approximately 15% of UK adults reported having investments in stocks and shares.[7]

History

Coffee House

The Royal Exchange had been founded by English financier Thomas Gresham and Sir Richard Clough on the model of the Antwerp Bourse. It was opened by Elizabeth I of England in 1571.[8][9]

During the 17th century, stockbrokers were not allowed in the Royal Exchange due to their rude manners. They had to operate from other establishments in the vicinity, notably Jonathan's Coffee-House. At that coffee house, a broker named John Castaing started listing the prices of a few commodities, such as salt, coal, paper, and exchange rates in 1698. Originally, this was not a daily list and was only published a few days of the week.[10]

This list and activity was later moved to Garraway's coffee house. Public auctions during this period were conducted for the duration that a length of tallow candle could burn; these were known as "by inch of candle" auctions. As stocks grew, with new companies joining to raise capital, the royal court also raised some monies. These are the earliest evidence of organised trading in marketable securities in London.

Royal Exchange

After Gresham's Royal Exchange building was destroyed in the Great Fire of London, it was rebuilt and re-established in 1669. This was a move away from coffee houses and a step towards the modern model of stock exchange.[11]

The Royal Exchange housed not only brokers but also merchants and merchandise. This was the birth of a regulated stock market, which had teething problems in the shape of unlicensed brokers. In order to regulate these, Parliament passed an Act in 1697 that levied heavy penalties, both financial and physical, on those brokering without a licence. It also set a fixed number of brokers (at 100), but this was later increased as the size of the trade grew. This limit led to several problems, one of which was that traders began leaving the Royal Exchange, either by their own decision or through expulsion, and started dealing in the streets of London. The street in which they were now dealing was known as 'Exchange Alley', or 'Change Alley'; it was suitably placed close to the Bank of England. Parliament tried to regulate this and ban the unofficial traders from the Change streets.

Traders became weary of "bubbles" when companies rose quickly and fell, so they persuaded Parliament to pass a clause preventing "unchartered" companies from forming.

After the Seven Years' War (1756–1763), trade at Jonathan's Coffee House boomed again. In 1773, Jonathan, together with 150 other brokers, formed a club and opened a new and more formal "Stock Exchange" in Sweeting's Alley. This now had a set entrance fee, by which traders could enter the stock room and trade securities. It was, however, not an exclusive location for trading, as trading also occurred in the Rotunda of the Bank of England. Fraud was also rife during these times and in order to deter such dealings, it was suggested that users of the stock room pay an increased fee. This was not met well and ultimately, the solution came in the form of annual fees and turning the Exchange into a Subscription room.

The Subscription room created in 1801 was the first regulated exchange in London, but the transformation was not welcomed by all parties. On the first day of trading, non-members had to be expelled by a constable. In spite of the disorder, a new and bigger building was planned, at Capel Court.

William Hammond laid the first foundation stone for the new building on 18 May. It was finished on 30 December when "The Stock Exchange" was incised on the entrance.

First Rule Book

London Stock Exchange in 1810

In the Exchange's first operating years, on several occasions there was no clear set of regulations or fundamental laws for the Capel Court trading. In February 1812, the General Purpose Committee confirmed a set of recommendations, which later became the foundation of the first codified rule book of the Exchange. Even though the document was not a complex one, topics such as settlement and default were, in fact, quite comprehensive.

With its new governmental commandments[12] and increasing trading volume, the Exchange was progressively becoming an accepted part of the financial life in the city. In spite of continuous criticism from newspapers and the public, the government used the Exchange's organised market (and would most likely not have managed without it) to raise the enormous amount of money required for the wars against Napoleon.

Foreign and regional exchanges

After the war and facing a booming world economy, foreign lending to countries such as Brazil, Peru and Chile was a growing market. Notably, the Foreign Market at the Exchange allowed for merchants and traders to participate, and the Royal Exchange hosted all transactions where foreign parties were involved. The constant increase in overseas business eventually meant that dealing in foreign securities had to be allowed within all of the Exchange's premises.

Just as London enjoyed growth through international trade, the rest of Great Britain also benefited from the economic boom. Two other cities, in particular, showed great business development: Liverpool and Manchester. Consequently, in 1836 both the Manchester and Liverpool stock exchanges were opened. Some stock prices sometimes rose by 10%, 20% or even 30% in a week. These were times when stockbroking was considered a real business profession, and such attracted many entrepreneurs. Nevertheless, with booms came busts, and in 1835 the "Spanish panic" hit the markets, followed by a second one two years later.

The Exchange before the World Wars

Debenture of The Stock Exchange, issued 1 January 1899.

By June 1853, both participating members and brokers were taking up so much space that the Exchange was now uncomfortably crowded, and continual expansion plans were taking place. Having already been extended west, east, and northwards, it was then decided the Exchange needed an entire new establishment. Thomas Allason was appointed as the main architect, and in March 1854, the new brick building inspired from the Great Exhibition stood ready. This was a huge improvement in both surroundings and space, with twice the floor space available.

By the late 1800s, the telephone, ticker tape, and the telegraph had been invented. Those new technologies led to a revolution in the work of the Exchange.

First World War

Stock certificate of the London Stock Exchange, issued on 31 March 1920, declared as a qualification share. The capital of the Exchange from its incorporation consisted of 20,000 shares held only by its members, with trustees and directors required to hold 10 qualification shares.
Stock certificate of the London Stock Exchange, issued on 31 March 1920, declared as a qualification share. The capital of the Exchange from its incorporation consisted of 20,000 shares held only by its members, with trustees and directors required to hold 10 qualification shares.

As the financial centre of the world, both the City and the Stock Exchange were hit hard by the outbreak of World War I in 1914. Due to fears that borrowed money was to be called in and that foreign banks would demand their loans or raise interest, prices surged at first. The decision to close the Exchange for improved breathing space and to extend the August Bank Holiday to prohibit a run on banks, was hurried through by the committee and Parliament, respectively. The Stock Exchange ended up being closed from the end of July until the New Year, causing street business to be introduced again, as well as the "challenge system".

The Exchange was set to open again on 4 January 1915 under tedious restrictions: transactions were to be in cash only. Due to the limitations and challenges on trading brought by the war, almost a thousand members quit the Exchange between 1914 and 1918. When peace returned in November 1918, the mood on the trading floor was generally cowed. In 1923, the Exchange received its own coat of arms, with the motto Dictum Meum Pactum, My Word is My Bond.

Second World War

In 1937, officials at the Exchange used their experiences from World War I to draw up plans for how to handle a new war. The main concerns included air raids and the subsequent bombing of the Exchange's perimeters, and one suggestion was a move to Denham, Buckinghamshire. This however never took place. On the first day of September 1939, the Exchange closed its doors "until further notice" and two days later World War II was declared. Unlike in the prior war, the Exchange opened its doors again six days later, on 7 September.

As the war escalated into its second year, the concerns for air raids were greater than ever. Eventually, on the night of 29 December 1940, one of the greatest fires in London's history took place. The Exchange's floor was hit by a clutch of incendiary bombs, which were extinguished quickly. Trading on the floor was now drastically low and most was done over the phone to reduce the possibility of injuries.

The Exchange was only closed for one more day during wartime, in 1945 due to damage from a V-2 rocket. Nonetheless, trading continued in the house's basement.

Post-war

Trading floor in 1955

After decades of uncertain if not turbulent times, stock market business boomed in the late 1950s. This spurred officials to find new, more suitable accommodation. The work on the new Stock Exchange Tower began in 1967. The Exchange's new 321 feet (98 metres) high building had 26 storeys with council and administration at the top, and middle floors let out to affiliate companies. Queen Elizabeth II opened the building on 8 November 1972; it was a new City landmark, with its 23,000 sq ft (2,100 m2) trading floor.

The Stock Exchange Tower pictured from atop the National Westminster Tower in 1983

1973 marked a year of changes for the Stock Exchange. First, two trading prohibitions were abolished. A report from the Monopolies and Mergers Commission recommended the admittance of both women and foreign-born members on the floor. Second, in March the London Stock Exchange formally merged with the eleven British and Irish regional exchanges, including the Scottish Stock Exchange.[13] This expansion led to the creation of a new position of Chief Executive Officer; after an extensive search this post was given to Robert Fell. There were more governance changes in 1991, when the governing Council of the Exchange was replaced by a Board of Directors drawn from the Exchange's executive, customer, and user base; and the trading name became "The London Stock Exchange".

FTSE 100 Index (pronounced "Footsie 100") was launched by a partnership of the Financial Times and the Stock Exchange on 3 January 1984. This turned out to be one of the most useful indices of all, and tracked the movements of the 100 leading companies listed on the Exchange.

IRA bombing

On 20 July 1990, a bomb planted by the Provisional Irish Republican Army (IRA) exploded in the men's toilets behind the visitors' gallery. The area had already been evacuated and nobody was injured.[14] About 30 minutes before the blast at 8:49 a.m., a man who said he was a member of the IRA told Reuters that a bomb had been placed at the exchange and was about to explode. Police officials said that if there had been no warning, the human toll would have been very high.[15] The explosion ripped a hole in the 23-storey building in Threadneedle Street and sent a shower of glass and concrete onto the street.[16] The long-term trend towards electronic trading platforms reduced the Exchange's attraction to visitors, and although the gallery reopened, it was closed permanently in 1992.

"Big Bang"

The biggest event of the 1980s was the sudden de-regulation of the financial markets in the UK in 1986. The phrase "Big Bang" was coined to describe measures, including abolition of fixed commission charges and of the distinction between stockjobbers and stockbrokers on the London Stock Exchange, as well as the change from an open outcry to electronic, screen-based trading.

In 1995, the Exchange launched the Alternative Investment Market, the AIM, to allow growing companies to expand into international markets. Two years later, the Electronic Trading Service (SETS) was launched, bringing greater speed and efficiency to the market. Next, the CREST settlement service was launched. In 2000, the Exchange's shareholders voted to become a public limited company, London Stock Exchange plc. London Stock Exchange also transferred its role as UK Listing Authority to the Financial Services Authority (FSA-UKLA).

EDX London, an international equity derivatives business, was created in 2003 in partnership with OM Group. The Exchange also acquired Proquote Limited, a new generation supplier of real-time market data and trading systems.

Paternoster Square; LSEG occupies the building that takes up much of the right side of this picture.
London Stock Exchange office interior at Paternoster Square

The old Stock Exchange Tower became largely redundant with Big Bang, which deregulated many of the Stock Exchange's activities: computerised systems and dealing rooms replaced face-to-face trading. In 2004, London Stock Exchange moved to a brand-new headquarters in Paternoster Square, close to St Paul's Cathedral.

In 2007, the London Stock Exchange merged with Borsa Italiana, creating London Stock Exchange Group (LSEG). The Group's headquarters are in Paternoster Square.

The Stock Exchange in Paternoster Square was the initial target for the protesters of Occupy London on 15 October 2011. Attempts to occupy the square were thwarted by police.[17] Police sealed off the entrance to the square as it is private property, a High Court injunction having previously been granted against public access to the square.[18] The protesters moved nearby to occupy the space in front of St Paul's Cathedral.[19] The protests were part of the global Occupy movement.

On 25 April 2019, the final day of the Extinction Rebellion disruption in London, 13 activists glued themselves together in a chain, blocking the entrances of the Stock Exchange.[20][21] The protesters were all later arrested on suspicion of aggravated trespass.[21] Extinction Rebellion had said its protesters would target the financial industry "and the corrosive impacts of the ... sector on the world we live in" and activists also blocked entrances to HM Treasury and the Goldman Sachs office on Fleet Street.[22]

Activities

Primary markets

There are two main markets on which companies trade on the LSE: the main market and the alternative investment market.

Main Market

The main market is home to over 1,300 large companies from 60 countries.[23] The FTSE 100 Index ("footsie") is the main share index of the 100 most highly capitalised UK companies listed on the Main Market.[24]

Alternative Investment Market

The Alternative Investment Market is LSE's international market for smaller companies. A wide range of businesses including early-stage, venture capital-backed, as well as more-established companies join AIM seeking access to growth capital. The AIM is classified as a Multilateral Trading Facility (MTF) under the 2004 MiFID directive, and as such it is a flexible market with a simpler admission process for companies wanting to be publicly listed.[25]

Secondary markets

The securities available for trading on London Stock Exchange:[26]

Post trade

Through the Exchange's Italian arm, Borsa Italiana, the London Stock Exchange Group as a whole offers clearing and settlement services for trades through CC&G (Cassa di Compensazione e Garanzia) and Monte Titoli.[27][28] is the Groups Central Counterparty (CCP) and covers multiple asset classes throughout the Italian equity, derivatives and bond markets. CC&G also clears Turquoise derivatives. Monte Titoli (MT) is the pre-settlement, settlement, custody and asset services provider of the Group. MT operates both on-exchange and OTC trades with over 400 banks and brokers.

Technology

London Stock Exchange's trading platform is its own Linux-based edition named Millennium Exchange.[29]

Their previous trading platform TradElect was based on Microsoft's .NET Framework, and was developed by Microsoft and Accenture. For Microsoft, LSE was a good combination of a highly visible exchange and yet a relatively modest IT problem.[30]

Despite TradElect only being in use for about two years,[31] after suffering multiple periods of extended downtime and unreliability[32][33] the LSE announced in 2009 that it was planning to switch to Linux in 2010.[34][35] The main market migration to MillenniumIT technology was successfully completed in February 2011.[36]

LSEG provides high-performance technology, including trading, market surveillance and post-trade systems, for over 40 organisations and exchanges, including the Group's own markets. Additional services include network connectivity, hosting and quality assurance testing. MillenniumIT, GATElab and Exactpro are among the Group's technology companies.[37]

The LSE facilitates stock listings in a currency other than its "home currency". Most stocks are quoted in GBP but some are quoted in EUR while others are quoted in USD.

Mergers and acquisitions

On 3 May 2000, it was announced that the LSE would merge with the Deutsche Börse; however this fell through.[38]

On 23 June 2007, the London Stock Exchange announced that it had agreed on the terms of a recommended offer to the shareholders of the Borsa Italiana S.p.A. The merger of the two companies created a leading diversified exchange group in Europe. The combined group was named the London Stock Exchange Group, but still remained two separate legal and regulatory entities. One of the long-term strategies of the joint company is to expand Borsa Italiana's efficient clearing services to other European markets.

In 2007, after Borsa Italiana announced that it was exercising its call option to acquire full control of MBE Holdings; thus the combined Group would now control Mercato dei Titoli di Stato, or MTS. This merger of Borsa Italiana and MTS with LSE's existing bond-listing business enhanced the range of covered European fixed income markets.

London Stock Exchange Group acquired Turquoise (TQ), a Pan-European MTF, in 2009.[39]

On 9 October 2020, London Stock Exchange agreed to sell the Borsa Italiana (including Borsa's bond trading platform MTS) to Euronext for €4.3 billion (£3.9 billion) in cash.[40] Euronext completed the acquisition of the Borsa Italiana Group on 29 April 2021 for a final price of €4,444 million.[41]

On 12 Dec 2022, Microsoft bought a nearly 4% stake in LSE (London Stock Exchange Group) as part of a ten-year cloud deal.[42]

NASDAQ bids

In December 2005, London Stock Exchange rejected a £1.6 billion takeover offer from Macquarie Bank. London Stock Exchange described the offer as "derisory", a sentiment echoed by shareholders in the Exchange. Shortly after Macquarie withdrew its offer, the LSE received an unsolicited approach from NASDAQ valuing the company at £2.4 billion. This too it rejected. NASDAQ later pulled its bid, and less than two weeks later on 11 April 2006, struck a deal with LSE's largest shareholder, Ameriprise Financial's Threadneedle Asset Management unit, to acquire all of that firm's stake, consisting of 35.4 million shares, at £11.75 per share.[43] NASDAQ also purchased 2.69 million additional shares, resulting in a total stake of 15%. While the seller of those shares was undisclosed, it occurred simultaneously with a sale by Scottish Widows of 2.69 million shares.[44] The move was seen as an effort to force LSE to the negotiating table, as well as to limit the Exchange's strategic flexibility.[45]

Subsequent purchases increased NASDAQ's stake to 25.1%, holding off competing bids for several months.[46][47][48] United Kingdom financial rules required that NASDAQ wait for a period of time before renewing its effort. On 20 November 2006, within a month or two of the expiration of this period, NASDAQ increased its stake to 28.75% and launched a hostile offer at the minimum permitted bid of £12.43 per share, which was the highest NASDAQ had paid on the open market for its existing shares.[49] The LSE immediately rejected this bid, stating that it "substantially undervalues" the company.[50]

NASDAQ revised its offer (characterized as an "unsolicited" bid, rather than a "hostile takeover attempt") on 12 December 2006, indicating that it would be able to complete the deal with 50% (plus one share) of LSE's stock, rather than the 90% it had been seeking. The U.S. exchange did not, however, raise its bid. Many hedge funds had accumulated large positions within the LSE, and many managers of those funds, as well as Furse, indicated that the bid was still not satisfactory. NASDAQ's bid was made more difficult because it had described its offer as "final", which, under British bidding rules, restricted their ability to raise its offer except under certain circumstances.

In the end, NASDAQ's offer was roundly rejected by LSE shareholders. Having received acceptances of only 0.41% of rest of the register by the deadline on 10 February 2007, Nasdaq's offer duly lapsed.[51]

On 20 August 2007, NASDAQ announced that it was abandoning its plan to take over the LSE and subsequently look for options to divest its 31% (61.3 million shares) shareholding in the company in light of its failed takeover attempt.[52] In September 2007, NASDAQ agreed to sell the majority of its shares to Borse Dubai, leaving the United Arab Emirates-based exchange with 28% of the LSE.[53]

Proposed merger with TMX Group

On 9 February 2011, London Stock Exchange Group announced it had agreed to merge with the Toronto-based TMX Group, the owners of the Toronto Stock Exchange, creating a combined entity with a market capitalization of listed companies equal to £3.7 trillion.[54] Xavier Rolet, CEO of the LSE Group at the time, would have headed the new enlarged company, while TMX Chief Executive Thomas Kloet would have become the new firm president. London Stock Exchange Group however announced it was terminating the merger with TMX on 29 June 2011 citing that "LSEG and TMX Group believe that the merger is highly unlikely to achieve the required two-thirds majority approval at the TMX Group shareholder meeting".[55] Even though LSEG obtained the necessary support from its shareholders, it failed to obtain the required support from TMX's shareholders.

Opening times

Normal trading sessions on the main orderbook (SETS) are from 08:00 to 16:30 local time every day of the week except Saturdays, Sundays and holidays declared by the exchange in advance. The detailed schedule is as follows:

  1. Trade reporting 07:15–07:50
  2. Opening auction 07:50–08:00
  3. Continuous trading 08:00–16:30
  4. Closing auction 16:30–16:35
  5. Order maintenance 16:35–17:00
  6. Trade reporting only 17:00–17:15

[56] Auction Periods (SETQx)

SETSqx (Stock Exchange Electronic Trading Service – quotes and crosses) is a trading service for securities less liquid than those traded on SETS.

The auction uncrossings are scheduled to take place at 8:00, 9:00, 11:00, 14:00, and 16:35.

Observed holidays are New Year's Day, Good Friday, Easter Monday, May Bank Holiday, Spring Bank Holiday, Summer Bank Holiday, Christmas Day, and Boxing Day. If New Year's Day, Christmas Day, and/or Boxing Day falls on a weekend, the following working day is observed as a holiday.

Arms

Coat of arms of Rolls-Royce Holdings
Adopted
10 September 1923
Crest
On a wreath of the colours, In front of a tower proper a lion passant guardant Or.
Escutcheon
Argent, a cross and in the first quarter a sword erect gules; on a chief of the second a balance Or.
Supporters
On either side a griffin sable, gorged with a mural crown Or.
Motto
DICTUM MEUM PACTUM[57]

See also

  • List of stock exchanges
  • List of stock exchanges in the Commonwealth of Nations
  • List of stock exchanges in the United Kingdom, the British Crown Dependencies and United Kingdom Overseas Territories
  • Stock Exchange forgery 1872–73
  • TAURUS (share settlement)

References

  1. ↑ "Market Statistics - Focus (April 2023) The World Federation of Exchanges". World Federation of Exchanges. https://focus.world-exchanges.org/issue/april-2023/market-statistics. 
  2. ↑ "London Stock Exchange (LSE)". https://www.tradinghours.com/markets/lse. 
  3. ↑ "London Stock Exchange (LSE)". https://www.tradinghours.com/markets/lse. 
  4. ↑ "History of London Stock Exchange Group". http://www.lseg.com/about-london-stock-exchange-group/history. 
  5. ↑ Foy, Simon (2023-10-19). "London Stock Exchange overtakes Paris to regain crown as Europe’s biggest market" (in en-GB). The Telegraph. ISSN 0307-1235. https://www.telegraph.co.uk/business/2023/10/19/london-stock-exchange-overtakes-paris-europe-market/. 
  6. ↑ David Summers (3 March 2022). "Ownership of UK quoted shares: 2020". Office for National Statistics. https://www.ons.gov.uk/economy/investmentspensionsandtrusts/bulletins/ownershipofukquotedshares/2020. 
  7. ↑ Nisha Arora (11 February 2021). "Financial Lives 2020 survey: the impact of coronavirus". Financial Conduct Authority. https://www.fca.org.uk/publication/research/financial-lives-survey-2020.pdf. 
  8. ↑ "Royal Exchange, London". http://www.walklondon.com/london-attractions/royal-exchange.htm. 
  9. ↑ "Heritage | The Royal Exchange" (in en-US). http://www.theroyalexchange.co.uk/heritage/. 
  10. ↑ "St Paul's Institute: A Valuable Exchange at the Royal Exchange". http://www.stpaulsinstitute.org.uk/dialogue/tanya-barman/opinion/2012/jun/21/a-valuable-exchange-at-the-royal-exchange. 
  11. ↑ "Gresham Grasshopper, Royal Exchange, London – Insect Sculptures on Waymarking.com" (in en). http://www.waymarking.com/waymarks/WM6R6Y_Gresham_Grasshopper_Royal_Exchange_London. 
  12. ↑ Ranald Michie (1999). The London Stock Exchange: A History. Oxford University Press. ISBN 9780191529344. https://books.google.com/books?id=ZCaQDwAAQBAJ&q=London%20Stock%20Exchange%20First%20Rule%20Book&pg=PA37. Retrieved 7 June 2019. 
  13. ↑ "Calls for Scotland to have its own stock exchange". 4 August 2010. http://www.heraldscotland.com/news/home-news/calls-for-scotland-to-have-its-own-stock-exchange-1.1045699. 
  14. ↑ "On This Day: 20 July 1990: IRA bombs Stock Exchange". BBC News. 20 July 1990. http://news.bbc.co.uk/onthisday/hi/dates/stories/july/20/newsid_2515000/2515667.stm. 
  15. ↑ FINEMAN, MARK (21 July 1990). "Bomb Blast Rips London's Stock Exchange; No Injuries Reported : Terrorism: Apparent IRA warning allows time to evacuate the building and surrounding area". Los Angeles Times. https://articles.latimes.com/1990-07-21/news/mn-170_1_london-stock-exchange. 
  16. ↑ "London Stock Exchange Is Rocked by a Bombing". The New York Times. 21 July 1990. https://www.nytimes.com/1990/07/21/world/london-stock-exchange-is-rocked-by-a-bombing.html. 
  17. ↑ Davies, Caroline (16 October 2011). "Occupy London protest continues into second day". The Guardian (London). https://www.theguardian.com/uk/2011/oct/16/occupy-london-protest-second-day. 
  18. ↑ "Stock exchange occupation blocked". Media Wales (Wales). 15 October 2011. http://www.walesonline.co.uk/news/uk-news/2011/10/15/stock-exchange-occupation-blocked-91466-29601928/. 
  19. ↑ "Occupy London: Protest continues for second day". BBC News (London). 16 October 2011. https://www.bbc.co.uk/news/uk-15324901. 
  20. ↑ Hope, Kate (25 April 2019). "Extinction Rebellion protesters glue themselves to London Stock Exchange". https://www.euronews.com/2019/04/25/extinction-rebellion-protesters-glue-themselves-to-london-stock-exchange. 
  21. ↑ 21.0 21.1 "Extinction Rebellion activists end London protests". 25 April 2019. https://www.bbc.co.uk/news/uk-england-london-48058177. 
  22. ↑ "Extinction Rebellion: London Stock Exchange blocked by climate activists". 25 April 2019. https://www.bbc.co.uk/news/uk-england-london-48049040. 
  23. ↑ "London Stock Exchange". https://www.londonstockexchange.com/raise-finance/equity/main-market?tab=insights-and-reports&lang=en. 
  24. ↑ Lessambo, Felix I. (2021). International Finance: New Players and Global Markets. Springer. ISBN 9783030692322. https://books.google.com/books?id=6eAhEAAAQBAJ&q=The%20main%20market%20is%20home%20to%20over%201%2C300%20large%20companies%20from%2060%20different%20countries.%20London%20Stock%20Exchange&pg=PA86. Retrieved 18 April 2021. 
  25. ↑ "AIM". Thomson Reuters. https://uk.practicallaw.thomsonreuters.com/8-107-6392?transitionType=Default&contextData=(sc.Default)&firstPage=true. 
  26. ↑ "SECURITY TYPES". London Stock Exchange. https://www.londonstockexchange.com/traders-and-brokers/security-types/security-types.htm. 
  27. ↑ CC&G - London Stock Exchange Group. Retrieved 26 August 2015.
  28. ↑ Monte Titoli London Stock Exchange Group. Retrieved 26 August 2015.
  29. ↑ Leo King (14 February 2011). "London Stock Exchange finished the switch to Linux". Computerworld UK. http://www.computerworlduk.com/news/open-source/3260727/london-stock-exchange-in-historic-linux-go-live/. 
  30. ↑ Ajay Shah (4 July 2009). "Microsoft inside the exchange". Blogspot. http://ajayshahblog.blogspot.com/2009/07/microsoft-inside-exchange.html. 
  31. ↑ "London Stock Exchange to replace Tradelect with Millennium". London: ComputerWeekly.com. 4 September 2009. http://www.computerweekly.com/news/1280090627/London-Stock-Exchange-to-replace-Tradelect-with-Millennium. 
  32. ↑ Rowena Mason (10 September 2008). "Seven-hour LSE blackout caused by double glitch". The Daily Telegraph (London). https://www.telegraph.co.uk/finance/markets/4676369/Seven-hour-LSE-blackout-caused-by-double-glitch.html. 
  33. ↑ "London Stock Exchange trading hit by technical glitch". BBC News. 26 November 2009. http://news.bbc.co.uk/1/hi/business/8380607.stm. 
  34. ↑ David M. Williams (8 October 2009). "London Stock Exchange gets the facts and dumps Windows for Linux". ITWire. http://www.itwire.com/opinion-and-analysis/the-linux-distillery/28359-london-stock-exchange-gets-the-facts-and-dumps-windows-for-linux. 
  35. ↑ "London Stock Exchange Rejects .NET For Open Source". Slashdot. 6 October 2009. http://linux.slashdot.org/story/09/10/06/1742203/London-Stock-Exchange-Rejects-NET-For-Open-Source. 
  36. ↑ Stafford, Philip (14 February 2011). "LSE moves to faster UK trading system". Financial Times. ISSN 0307-1766. http://www.ft.com/intl/cms/s/0/8a87cf48-383e-11e0-8257-00144feabdc0.html. 
  37. ↑ "Investor Relations". http://www.lseg.com/investor-relations. 
  38. ↑ "2000: Leading stock exchanges plan merger". 3 May 2000. http://news.bbc.co.uk/onthisday/hi/dates/stories/may/3/newsid_2481000/2481359.stm. 
  39. ↑ "LSE confirms Turquoise acquisition talks". https://www.thetradenews.com/lse-confirms-turquoise-acquisition-talks/. 
  40. ↑ "LSE agrees to sell Borsa Italiana to Euronext for €4.3 billion". 9 October 2020. https://www.reuters.com/article/uk-lse-borsa-italiana-m-a-idUKKBN26U0H7. 
  41. ↑ "Euronext today completes the acquisition of the Borsa Italiana Group and publishes Q1 2021 results". https://www.euronext.com/en/about/media/euronext-press-releases/acquisition-borsa-italiana-group-and-q1-2021-results. 
  42. ↑ "Microsoft buys near 4% stake in London Stock Exchange Group as part of 10-year cloud deal". https://www.cnbc.com/2022/12/12/microsoft-buys-near-4percent-stake-in-london-stock-exchange-and-launches-10-year-partnership.html. 
  43. ↑ Patrick, M.; Lucchetti, A.; Reilly, D.; Taylor, E. (11 April 2006). "Nasdaq Acquires 15% of LSE". The Wall Street Journal. https://www.wsj.com/articles/SB114477409808123029. 
  44. ↑ "Scottish Widows says has sold 2.7 mln LSE shares at 1,175 pence". Forbes. 12 April 2006. https://www.forbes.com/finance/feeds/afx/2006/04/12/afx2665242.html. 
  45. ↑ Ortega, E. (11 April 2006). "Nasdaq Buys 15 Percent Stake in LSE for $782 Million". Bloomberg News. https://www.bloomberg.com/apps/news?pid=10000103&sid=aY106PolhKUQ&refer=us. 
  46. ↑ MacDonald, A.; Lucchetti, A. (4 May 2006). "In LSE Stakes, Nasdaq Advances, Euronext Falls". The Wall Street Journal. https://www.wsj.com/articles/SB114670228362743269. 
  47. ↑ Lucchetti, A.; MacDonald, A. (11 May 2006). "Nasdaq Lifts Its LSE Stake to 24%". The Wall Street Journal. https://www.wsj.com/articles/SB114729205685149301. 
  48. ↑ Goldsmith, B.; Elliott, M. (19 May 2006). "Nasdaq raises LSE stake, making rival bids harder". Reuters. http://today.reuters.com/business/newsArticle.aspx?type=bankingFinancial&storyID=nL1923903. [yes|permanent dead link|dead link}}]
  49. ↑ Lucchetti, A.; MacDonald, A. (20 November 2006). "Nasdaq Makes Bid to Buy Rest of London Stock Exchange". The Wall Street Journal. https://www.wsj.com/articles/SB116400769286328180. 
  50. ↑ "LSE rejects £2.7bn Nasdaq offer". BBC News. 20 November 2006. http://news.bbc.co.uk/1/hi/business/6164376.stm. 
  51. ↑ "Nasdaq fails in takeover bid for London Stock Exchange". International Herald Tribune. 11 February 2007. https://www.nytimes.com/2007/02/11/business/worldbusiness/11iht-nasdaq.4549290.html. 
  52. ↑ "Sale Update". reuters.co.uk. 20 August 2007. http://investing.reuters.co.uk/news/articleinvesting.aspx?type=mergersNews&storyID=2007-08-20T091233Z_01_L2025258_RTRIDST_0_LSE-NASDAQ-SALE-UPDATE-1.XML. 
  53. ↑ Magnusson, N.; McSheehy, W. (20 September 2007). "Dubai to Buy Stakes in Nasdaq, LSE; Strikes OMX Deal". bloomberg.com. https://www.bloomberg.com/apps/news?pid=20601087&sid=aqzGAS7oAezg&refer=home. 
  54. ↑ "LSE agrees merger with TMX of Canada". BBC News. 9 February 2011. https://www.bbc.co.uk/news/business-12400785. 
  55. ↑ "Announcement re LSEG/TMX Group merger – London Stock Exchange". Londonstockexchangegroup.com. http://www.londonstockexchangegroup.com/newsroom/2011pressreleases/lseannouncementrelsegtmxgroupmerger.htm. 
  56. ↑ "SETSqx and SEAQ". https://www.lseg.com/areas-expertise/our-markets/london-stock-exchange/equities-markets/trading-services/domestic-trading-services/setsqx. 
  57. ↑ "'London Stock Exchange'". https://www.heraldry-wiki.com/heraldrywiki/index.php?title=London_Stock_Exchange. 

Further reading

  • Michie, R. C. (1999). The London Stock Exchange: A History. Oxford: Oxford University Press. ISBN 0-19-829508-1. 

[ ⚑ ] 51°30′54.25″N 0°5′56.77″W / 51.5150694°N 0.0991028°W / 51.5150694; -0.0991028



FTSE 100 Component
IndustryAerospace, Defence, Energy, Marine
PredecessorRolls-Royce plc
Founded
  • Partnership: 23 December 1904; 121 years ago (1904-12-23)
  • Business: 15 March 1906; 119 years ago (1906-03-15)
  • Current company: 10 February 2011; 14 years ago (2011-02-10)
FounderCharles Rolls and Henry Royce (as Rolls-Royce Limited)
HeadquartersKings Place, London, England, U.K.
Key people
Anita Frew (chair)
Tufan Erginbilgic (CEO)
RevenueIncrease £18,909 million (2024)[1]
Increase £2,906 million (2024)[1]
Increase £2,484 million (2024)[1]
Total assetsIncrease £35,686 million (2024)[1]
Total equityPositive decrease £(881) million (2024)[1]
Number of employees
50,000 (2025)[2]
Subsidiaries
  • Rolls-Royce Controls and Data Services
  • Rolls-Royce Deutschland
  • Rolls-Royce North America
  • Rolls-Royce India
  • Rolls-Royce Power Systems
  • Rolls-Royce SMR
  • Rolls-Royce Submarines
  • Vinters Engineering
  • Rolls-Royce Turbomeca (50%)
  • MTU Turbomeca Rolls-Royce (33%)
Websiterolls-royce.com

Rolls-Royce Holdings plc is a British multinational aerospace and defence company incorporated in February 2011. The company owns Rolls-Royce, a business established in 1904 which today designs, manufactures and distributes power systems for aviation and other industries. Rolls-Royce is the world's second-largest maker of aircraft engines[3] (after CFM International)[4] and has major businesses in the marine propulsion and energy sectors.

Rolls-Royce was the world's 16th largest defence contractor in 2018 when measured by defence revenues.[5] The company is also the world's fourth largest commercial aircraft engine manufacturer, with a 12% market share as of 2020.[6]

Rolls-Royce Holdings plc is listed on the London Stock Exchange, where it is a constituent of the FTSE 100 Index. At the close of London trading on 11 February 2025, the company had a market capitalisation of £52.66bn, the 11th-largest of any company with a primary listing on the London Stock Exchange.[7]

The company's registered office is at Kings Place, near Kings Cross in London.[8]

History

Ownership

Rolls-Royce grew from the engineering business of Henry Royce, which was established in 1884 and ten years later began to manufacture dynamos and electric cranes. Charles Rolls established a separate business with Royce in 1904 because Royce had developed a range of cars which Rolls wanted to sell. A corporate owner was incorporated in 1906 with the name Rolls-Royce Limited.[9]

In 1971 the same company, Rolls-Royce Limited, entered voluntary liquidation because it was unable to meet its financial obligations. It remains in existence today, still in liquidation. Its business and assets were bought by the government using a company created for the purpose named Rolls-Royce (1971) Limited. Rolls-Royce Motors was separated out in 1973. Rolls-Royce (1971) Limited currently carries on the business under the name Rolls-Royce plc.[10]

Rolls-Royce plc returned to the stock market in 1987 under the government of Margaret Thatcher. In 2003 ownership of Rolls-Royce plc was passed to Rolls-Royce Group plc. In the same way, Rolls-Royce Group plc passed ownership on 23 May 2011 to Rolls-Royce Holdings plc.[11] Throughout these corporate changes Rolls-Royce plc has remained the principal trading company.[11][nb 1]

Growth

The 1980s saw the introduction of a policy to offer an engine fitment on a much wider range of civil aircraft types, with the company's engines now powering 17 different airliners (and their variants) compared to General Electric's 14 and Pratt & Whitney's 10.[12]

The civil engines business represents the company's main area of growth. Between 2010 and 2018, Rolls-Royce invested £11 billion in facilities and R&D and launched six new civil engines including the Trent XWB and the Pearl 15 for the business aviation market. It secured orders for 2,700 engines for wide-body aircraft and business jets. It expects to produce over 600 wide-body engines a year and should power over half of the world's wide-body fleet within a few years, up from 22% a decade before.[13]

In 2023, Rolls-Royce entered into an agreement for $3.52 million of funding with the UK Space Agency for the creation of a nuclear reactor on the moon. The project is intended to provide power for space missions.[14]

Restructuring

In 2014 and 2015, Rolls-Royce issued at least four profit warnings due to US defence cuts, a downturn in the offshore oil and gas market and its civil aerospace business, the company initiated job cuts of over 3,000 in response.[15][16][17][18] Rolls-Royce had been selling many of its aero-engines in combination with long-term service contracts. Even though the company booked profits in part with the delivery of the engine, actual payments only came in over time. Between 2003 and 2015, it sold a majority of its engines with these “TotalCare” contracts.[19] The company announced it would no longer be able to move its revenues forward from its long-term service contracts to compensate for its contracts being unprofitable in the early stages after the introduction of IFRS 15 in 2018 and its profits for 2015 would have been £900m lower than the £1.4bn it reported if it had followed the new accounting standard.[20][21][22]

In February 2017, Rolls-Royce posted its largest ever pre-tax loss of £4.6 billion; This included a £4.4 billion writedown on financial hedges that the company uses to protect itself against currency fluctuations, and a £671 million penalty to settle bribery and corruption charges with the Serious Fraud Office (SFO), the US Department of Justice, and Brazilian authorities.[23]

On 14 June 2018, the company announced a restructuring of the business to create three simpler decentralised units (civil aerospace, defence and power systems), to rationalise back office functions and to remove middle management functions. The cost savings should amount to £400 million per year by 2020, with an up-front restructuring cost of £500 million. Some 4,600 people[24] are likely to leave the business out of 55,000 employed worldwide, 3,000 job losses from the UK and the rest from elsewhere in the world[25] (15,700 of the employees work in Derby and 10,300 work elsewhere in the United Kingdom).[26][27]

In August 2018, Rolls-Royce announced it was taking a charge of £554 million to cover faults with some Trent 1000 engines on Boeing 787 Dreamliners. Rather than going thousands of hours between inspections, the faults with turbine blades mean the engines currently require inspection every 300 hours of flight. In the same announcement Rolls-Royce, said it would spend £450m fixing faults on the Trent 1000 in 2018, £450m in 2019 and £350m in 2020, with the work complete by 2022.[28]

In May 2020, the company announced its intention to cut 20% of its workforce (approximately 9,000 staff) worldwide as a result of the COVID-19 pandemic.[29][30] Around 3,000 job losses were expected in the UK, half of them in Derby.[31]

In February 2021, Rolls-Royce started talks concerning an operational shutdown of its civil aerospace unit that might last for two weeks due to the impact of Covid-19 and its restrictions.[32]

Rolls-Royce announced, in October 2023, that it would cut 2,500 jobs, or 6 per cent of its total workforce.[33]

Under CEO Tufan Erginbilgiç Rolls Royce has seen a remarkable turnaround. In July 2025 the share price hit £11 for the first time, from £1 three years ago. Rolls Royce is now the fifth largest company in the FTSE 100 index, valued at £90 billion. Midterm 2027 targets for operating profit were hit two years ahead of estimates, and a jump from £2.6-2.9 billion in 2025 to £3.6-£3.9 billion in 2028 is projected in terms of operating profit per annum. In July the estimates for operating profit for full year 2025 were uprated by £300 million.[34][35]

Senior leadership

  • Chairman: Anita Frew (since October 2021)[36]
  • Chief Executive: Tufan Erginbilgic (since January 2023)[37]

List of former chairmen

  1. Sir Simon Robertson (2011–2013)[38]
  2. Sir Ian Davis (2013–2021)[36]

List of former chief executives

  1. John Rishton (2011–2015)[39]
  2. Warren East (2013–2022)[37]

Facilities

STX Europe dockyard where the Rolls-Royce plant is located at Rauma, Finland

Testing

Rolls-Royce's £90 million Testbed 80 in Derby is the largest of its kind, sized for engines of up to 140,000 lbf (620 kN) of thrust.[40] Design started in 2017, construction began in 2018 and it was officially opened in 2021.[41] The 80,730 sq ft (7,500 m2) facility is 426.5 ft (130.0 m) long, has a 95 ft (29 m) tall intake tower and a 123 ft (37 m) tall exhaust stack. Built from 3,450 tons of steel and 27,000 m3 (950,000 cu ft) of concrete, it has a 49 by 49 ft (15 by 15 m) tall and wide enclosed space and it can handle a 66 tons engine including its carrier.[40] The company completed its first engine run on the new test bed in July 2024.[42]

X-ray imaging allows to visualize the position of seals and clearances in real time while an engine is running. While it was retrofitted on Rolls' test bed 57, test bed 80 is the first to be purpose-designed for industrial radiography. To protect from external X-ray, 30 cm (11.8 in.) of lead, double walls are up to 8.9 ft. (2.7 m) thick (a 5.6-ft. interior wall and 3.3-ft. exterior wall) and provide acoustic insulation. Canadian prime contractor MDS Aero Support is responsible for design and management, test systems supply, engine adapters, support systems and data acquisition and control while construction is done by Buckingham Group Contracting.[40]

Acquisitions

Northern Engineering Industries / broken up and sold

In 1988, Rolls-Royce acquired Northern Engineering Industries (NEI), based in the North East of England, a group of heavy engineering companies mainly associated with electrical generation and power management. The group included Clarke Chapman (cranes), Reyrolle (now part of Siemens) and Parsons (now part of Siemens steam turbines). The company was renamed Rolls-Royce Industrial Power Group. It was sold off piecemeal over the next decade as the company re-focused on its core aero-engine operations following the recession of the early 1990s.[43]

Allison Engine Company/Rolls-Royce Corporation

On 21 November 1994, Rolls-Royce announced its intention to acquire the Allison Engine Company, an American manufacturer of gas turbines and components for aviation, industrial and marine engines.[44] The two companies had a technical association dating back to the Second World War. Rolls-Royce had previously tried to buy the company when General Motors sold it in 1993, but GM opted for a management buyout instead for $370 million. Owing to Allison's involvement in classified and export restricted technology, the 1994 acquisition was subject to investigation to determine the national security implications.[45] On 27 March 1995, the US Department of Defense announced that the "deal between Allison Engine Co. and Rolls-Royce does not endanger national security."[46] Rolls-Royce was, however, obliged to set up a proxy board to manage Allison and had also to set up a separate company, Allison Advanced Development Company, Inc., to manage classified programmes "that involve leading-edge technologies" such as the Joint Strike Fighter programme.[46] In 2000, this restriction was replaced by a more flexible Special Security Arrangement.[47] In 2001, Rolls-Royce and its LiftSystem was among the group that won the JSF contract for the F-35.[48]

The Allison acquisition, at $525 million (equivalent to £328 million),[44] brought four new engine types into the Rolls-Royce civil engine portfolio on seven platforms and several light aircraft applications. Allison is now known as Rolls-Royce Corporation, part of Rolls-Royce North America.[49]

Vickers/Vinters

In 1999 Rolls-Royce acquired Vickers plc for its marine businesses.[50] The portion retained is now Vinters Engineering Limited. Rolls-Royce sold Vickers Defence Systems (the other major Vickers area of business) to Alvis plc in 2002.[51]

BMW joint venture / Rolls-Royce Deutschland

Rolls-Royce has established a leading position in the corporate and regional airline sector through the development of the Tay engine, the Allison acquisition and the consolidation of the BMW Rolls-Royce joint venture. In 1999, BMW Rolls-Royce was renamed Rolls-Royce Deutschland and became a 100% owned subsidiary of Rolls-Royce plc.[52]

SAIC joint venture / Optimized Systems and Solutions

Optimized Systems and Solutions Limited (formerly known as Data Systems & Solutions) was founded in 1999 as a joint venture between Rolls-Royce plc and Science Applications International Corporation (SAIC). In early 2006, SAIC exited the joint venture agreement, making Rolls-Royce plc the sole owner.[53]

Tognum joint venture with Daimler / Rolls-Royce Power Systems Holding GmbH

In March 2011, Rolls-Royce and Daimler AG launched a $4.2 billion public tender offer for 100 per cent of the share capital of Tognum AG, the owner of MTU Friedrichshafen – a leading high-speed industrial and marine diesel engine manufacturer, which was completed using a 50:50 joint venture company.[54] Rolls-Royce and Daimler AG intend that the joint venture company, which also now incorporates Rolls-Royce's existing Bergen engine business, is listed on the Frankfurt Stock Exchange.[54]

Aero Engine Controls / Rolls-Royce Controls and Data Services

Following the acquisition of Goodrich by United Technologies Corporation in July 2012, Rolls-Royce announced it would purchase Goodrich's 50% share of Aero Engine Controls to become wholly owned by Rolls-Royce.[55]

At the June 2019 Paris Air Show, Rolls-Royce announced its acquisition of Siemens' electric propulsion branch (while they are partners on the E-Fan X demonstrator), to be completed in late 2019, employing 180 in Germany and Hungary.[56]

Divestment

Energy gas turbine and compressor business

In May 2014, Rolls-Royce sold its energy gas turbine and compressor business to Siemens for £785 million.[57]

Commercial marine business

In July 2018, Rolls-Royce sold its commercial marine business to Kongsberg for £500 million.[58]

Nuclear services businesses

In September 2019, Rolls-Royce agreed to sell its civil nuclear services businesses in the U.S., Canada, Mondragon France, and Gateshead UK to the Westinghouse Electric Company for an undisclosed sum. These businesses had a revenue of $70 million and about 500 employees in 2018. Rolls-Royce is keeping its nuclear new build and small modular reactor (SMR) business in the UK.[59] In November 2020, the company announced plans to build up to 16 Rolls-Royce SMR nuclear plants across the UK, continuing its nuclear division operations.[60] In December 2020 Rolls-Royce announced it would sell other foreign parts of its civil nuclear instrumentation and control business to Framatome as part of its post-COVID recovery plan, completing the deal involving over 550 employees in November 2021.[61][62]

Major sales

Airbus A380

In 1996, Rolls-Royce and Airbus signed a memorandum of understanding, specifying the Trent 900 as the engine of choice for the then A3XX, now the Airbus A380.[63] However, the Engine Alliance GP7000 would ultimately also be offered as an option on the A380.[64]

In October 2006, Rolls-Royce suspended production of its Trent 900 engine because of delays by Airbus on the delivery of the A380 superjumbo. Rolls-Royce announced in October 2007 that production of the Trent 900 had been restarted after a twelve-month suspension caused by delays to the A380.[65]

In 2011, Rolls-Royce faced scrutiny after high profile incidents involving the Trent 900. One of the engines suffered a partial power loss during a Qantas flight in February 2011. This followed an incident in November 2010 in which an engine disintegrated in flight causing Qantas Flight 32 to make an emergency landing in Singapore.[66] The aircraft was extensively damaged and the airline grounded its fleet of A380s. The problem was traced to a fatigue crack in an oil pipe requiring the replacement of some engines and modifications to the design.[67] Trent-powered A380s operated by Lufthansa and Singapore Airlines were also affected. Qantas gradually returned its A380s to service over several months. In June 2011 the airline announced it had agreed to compensation of AU$95m (US$100m) from Rolls-Royce.[68]

On 17 April 2015, it was announced that Rolls-Royce had received its largest order to date worth £6.1bn ($9.2bn) to supply engines for 50 Emirates A380 planes.[69][70][71]

Boeing 787

On 6 April 2004, Boeing announced that it had selected both Rolls-Royce and General Electric to power its new 787. Rolls-Royce submitted the Trent 1000, a further development of that series.[72]

Airbus A350XWB

In July 2006, Rolls-Royce reached an agreement to supply a new version of the Trent 1000 for the revised Airbus A350XWB jetliner. As of July 2015, over 1,500 engines of this type have been supplied to 40 customers.[73]

Panavia Tornado, Eurofighter Typhoon and Lightning II

On the military side, Rolls-Royce, in co-operation with other European manufacturers, has been a major contractor for the RB199 which in several variants powers the Panavia Tornado, and also for the EJ200 engine for the Eurofighter Typhoon. Rolls-Royce has matured the Rolls-Royce LiftSystem invented by Lockheed Martin for the F-35 Lightning II to production level; The F-35 is planned to be produced in significant numbers.[74]

Air China

At the 2005 Paris Air Show, Rolls-Royce secured in excess of $1 billion worth of orders. The firm received $800m worth of orders from Air China to supply its 20 Airbus A330 jets.[75]

Qatar Airways

On 18 June 2007, Rolls-Royce announced at the 2007 Paris Air Show that it had signed a large contract with Qatar Airways for the Trent XWB to power 80 A350s on order from Airbus worth $5.6 billion at list prices.[76]

Emirates airlines

On 11 November 2007, Rolls-Royce announced at the Dubai Airshow that it had signed its largest ever contract with Emirates for Trent XWBs to power 50 A350-900 and 20 A350-1000 aircraft with 50 option rights. Due to be delivered from 2014, the order is potentially worth up to 8.4 billion US Dollars at list prices.[77]

On 20 November 2007, Rolls-Royce announced plans to build its first Asian aero engine facility in the Seletar Aerospace Park, Singapore.[78] The $562m (£355m) plant complements its existing facility at Derby by concentrating on the assembly and testing of large civil engines, including Trent 1000 and Trent XWB. Productivity will be higher than at Derby, as the plant is fully integrated, as opposed to manufacturing occurring across five sites in the UK: a Trent 900 will take only 14 days to manufacture, as opposed to 20 in the UK. Originally expected to provide employment for 330 people,[79] by the start of production in 2012, 1,600 employees were based in Singapore.[80]

Nuclear submarines

In May 2012, Rolls-Royce Marine Power Operations won a Ministry of Defence contract worth more than £400 million for the integration of the reactor design, the PWR3, for UK's next generation nuclear-armed submarines.[81] In March 2023, Rolls-Royce announced that Rolls-Royce Submarines Limited will provide nuclear reactors for the SSN-AUKUS class of submarines for both the Royal Navy and Royal Australian Navy.[82] To support the SSN-AUKUS programme, Rolls-Royce announced it would double the size of the Rolls-Royce Submarines LTD site in Raynesway, Derby creating 1,170 jobs in the process[83]

Corruption allegations

Rolls-Royce has been accused numerous times of corrupt practices and bribery.

In 2014, facing allegations of bribery in the aftermath of the Sudhir Choudhrie affair, Rolls-Royce offered to return money to the Indian government.[84] The Serious Fraud Office (SFO) also investigated allegations of bribery in Indonesia and China.[85]

In February 2015 Rolls-Royce was accused of bribing an employee of Brazil's state-controlled oil company to win a $100 million contract to provide gas turbines for oil platforms.[86]

In October 2016 a joint Guardian and BBC investigation alleged widespread corruption by Rolls-Royce through middlemen in foreign countries including Brazil, India, China, Indonesia, South Africa, Angola, Iraq, Iran, Kazakhstan, Azerbaijan, Nigeria and Saudi Arabia. Rolls-Royce became subject to a major SFO investigation.[87]

Alleged defects

In 2013 media reported allegations from two American ex-employees that thousands of the company's new jet engines were assembled with used parts.[88]

Settlement with SFO

In January 2017 Rolls-Royce came to an agreement with the SFO to pay £671 million under a deferred prosecution agreement to avoid prosecution for bribery to obtain export contracts.[89][90] As part of this agreement, a $170 million fine was paid to US authorities to end a bribery investigation,[91] and $25 million to the Brazilian authorities.[89]

Subsequent to the settlement, Private Eye reported that some of Rolls-Royce's contracts under the scope of the SFO investigation had been supported by the British government's UK Export Finance department, using taxpayers' money. The government department underwrote multimillion-pound liabilities under Rolls-Royce contracts secured with the help of bribes and "facilitation" commissions. It has also been highlighted in the press that Rolls-Royce's auditor since 1995, KPMG, had failed to identify any corrupt practices throughout the 1990s and 2000s. This is notable considering judge Brian Leveson's statement that Rolls-Royce's offending was "multi-jurisdictional, numerous", "persistent and spanned from 1989 until 2013", and it "involved substantial funds being made available to fund bribe payments".[92]

Governance

As of August 2021 the board of directors consists of:[93]

  • Sir Ian Davis, Chairman
  • Warren East, Chief Executive
  • Panos Kakoullis, Chief Financial Officer
  • Paul Adams, Independent Non-Executive Director
  • George Culmer, Independent Non-Executive Director
  • Irene Dorner, Independent Non-Executive Director
  • Anita Frew, Independent Non-Executive Director and Chair Designate
  • Beverly Goulet, Independent Non-Executive Director
  • Lee Hsien Yang, Independent Non-Executive Director
  • Nick Luff, Independent Non-Executive Director
  • Sir Kevin Smith, Senior Independent Director
  • Dame Angela Strank, Independent Non-Executive Director
  • Pamela Coles, Company Secretary and Chief Governance Officer

Products

The Olympus 593 powered the Concorde supersonic transport.
The Conway was the first turbofan to enter service.
The Pegasus with vectored thrust for the Harrier jump jet
The A350's Trent XWB is Rolls-Royce largest engine.

Rolls-Royce's aerospace business makes commercial and military gas turbine engines for military, civil, and corporate aircraft customers worldwide. In the United States, the company makes engines for regional and corporate jets, helicopters, and turboprop aircraft. Rolls-Royce also constructs and installs power generation systems. Its core gas turbine technology has created one of the broadest product ranges of aero-engines in the world, with 50,000 engines in service with 500 airlines, 2,400 corporate and utility operators and more than 100 armed forces, powering both fixed- and rotary-wing aircraft. Rolls-Royce Marine Power Operations (a subsidiary company) manufactures and tests nuclear reactors for Royal Naval submarines.[94]

Aerospace

In 2019, Rolls-Royce delivered 510 Trent powerplants, while 5,029 large engines were installed, including 32% Trent 700s.[95] For business jets, research and development in the market niches is a $2 billion annual investment, for a predicted market of 8,500 to 9,000 aircraft over the 2020 decade.[96]

Turbojets

  • Rolls-Royce Avon
  • Rolls-Royce Viper
  • Rolls-Royce/Snecma Olympus 593
  • Rolls-Royce RB162

Turbofans

Turboshafts

  • LHTEC T800 (with Honeywell)
  • MTR390 (with MTU and Turbomeca)
  • Rolls-Royce Gem
  • Rolls-Royce Model 250
  • Rolls-Royce RR300
  • Rolls-Royce RR500
  • Rolls-Royce T406/AE 1107C-Liberty
  • Rolls-Royce/Turbomeca RTM322

Turboprops

Rocket engines

Marine

Gas turbines

Propulsion

Submarine

Stabilisers

  • Brown Brothers Legacy Stabilizers
  • Brown Brothers Neptune or VM Stabilizers
  • Brown Brothers Aquarius Stabilizers

See also

References

Notes

  1. ↑ 1.0 1.1 1.2 1.3 1.4 "Preliminary Results 2024". Rolls-Royce. https://www.rolls-royce.com/~/media/Files/R/Rolls-Royce/documents/investors/results/2024-full-year-results/rr-plc-holdings-2024-full-year-results-press-release.pdf. 
  2. ↑ "Rest of the World". Rolls-Royce. https://careers.rolls-royce.com/usa/our-locations/rest-of-the-world. 
  3. ↑ Wall, Robert (26 February 2014). "Rolls-Royce unveils new engine for future Boeing, Airbus planes". Bloomberg Business Week. http://www.businessweek.com/news/2014-02-26/rolls-royce-unveils-new-engine-for-future-boeing-airbus-jets. 
  4. ↑ Aboulafia, Richard (7 January 2019). "GE's Jet Engine Business Could Lose Altitude From Sale of Its Giant Plane Leasing Operation". Forbes. https://www.forbes.com/sites/richardaboulafia/2019/01/07/general-electric-leasing-gecas-engine/. 
  5. ↑ "Defense News Top 100 for 2018". Defense News. https://people.defensenews.com/top-100/. 
  6. ↑ "Market share of the leading commercial aircraft engine manufacturers worldwide in 2020" (in en). May 2021. https://www.statista.com/statistics/1099835/global-aircraft-engine-manufacturer-market-share/. 
  7. ↑ "FTSE 100 : The latest Index price detail and constituents | Sharecast.com". https://www.sharecast.com/index/FTSE_100. 
  8. ↑ "Legal Information". https://www.rolls-royce.com/site-services/legal-information.aspx. 
  9. ↑ "Rolls-Royce Limited History". motor-car. http://www.motor-car.co.uk/daimler/995-rolls-royce/12178-rolls-royce-limited-1906-73. 
  10. ↑ "Rolls-Royce plc". Companies House. https://beta.companieshouse.gov.uk/company/01003142. 
  11. ↑ 11.0 11.1 Rolls-Royce Holdings plc, Annual Report 2011 accessed 27 January 2017
  12. ↑ "Rolls-Royce delivers the first Trent aero engine produced in Singapore". Rolls-Royce. https://www.rolls-royce.com/country-sites/singapore/news-and-articles/rolls-royce-delivers-first-trent-aero-engine.aspx. 
  13. ↑ "Rolls-Royce confirms fundamental restructuring" (Press release). Rolls-Royce. 14 June 2018. Archived from the original on 5 December 2018. Retrieved 16 June 2018.
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  17. ↑ Farrell, Sean (13 February 2014). "Rolls-Royce warns defence cuts to take toll on 2014 revenues and profits". The Guardian. https://www.theguardian.com/business/2014/feb/13/rolls-royce-defence-cuts-2014-revenues-profits. 
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  91. ↑ "U.S. says Rolls-Royce to pay $170 million as part of bribery settlement". Reuters. 17 January 2017. https://www.reuters.com/article/us-rolls-royce-hldg-fraud-usa-idUSKBN1512O8. 
  92. ↑ "Rolls of dishonour". Private Eye (London: Pressdram Ltd). 27 January 2017. 
  93. ↑ "Leadership". Rolls-Royce Holdings plc. http://www.rolls-royce.com/about/leadership/board.aspx. 
  94. ↑ "Rolls-Royce Marine Power Operations". Office of Nuclear Regulation. http://www.onr.org.uk/sites/rolls-royce-marine-power-operations.htm. 
  95. ↑ David Kaminski-Morrow (28 February 2020). "Rolls-Royce nears break-even delivery for A350-900 powerplant". FlightGlobal. https://www.flightglobal.com/air-transport/rolls-royce-nears-break-even-delivery-for-a350-900-powerplant/137001.article. 
  96. ↑ Kerry Lynch (28 May 2018). "Rolls-Royce Pearl 15 Marks Launch of New Engine Family". AIN online. https://www.ainonline.com/aviation-news/business-aviation/2018-05-28/rolls-royce-pearl-15-marks-launch-new-engine-family. 

Bibliography

  • Gunston, Bill. Development of Piston Aero Engines. Cambridge, UK. Patrick Stephens Limited, 2006. ISBN 0-7509-4478-1.
  • Newhouse, John. The Sporty Game: The High-Risk Competitive Business of Making and Selling Commercial Airliners. New York: Alfred A. Knopf, 1982. ISBN 978-0-394-51447-5.
  • Pugh, Peter. The Magic of a Name: The Rolls-Royce Story, The First 40 Years. London: Icon Books, 2000. ISBN 1-84046-151-9.
  • Pugh, Peter. The Magic of a Name: The Rolls-Royce Story, Part 2, The Power Behind the Jets. London: Icon Books, 2001. ISBN 1-84046-284-1.
  • Pugh, Peter. The Magic of a Name: The Rolls-Royce Story, Part 3, A Family of Engines. London: Icon Books, 2002. ISBN 1-84046-405-4.

Footnotes

  1. ↑
    Companies with shares available to the general public
    • 1906 company, Rolls-Royce Limited. Its shares became more or less valueless in 1971 and their price sank as low as a penny from a high of £1.25.
    By the time the liquidation was effectively complete those shareholders had received more than £0.60 per share from the liquidation and they may have bought them for around a penny.
    • 1971 company, floated as Rolls-Royce plc still owns the principal business but itself was sold to the new holding company in 2003
    • 2003 company floated as Rolls-Royce Group plc bought the 1971 company
    • 2011 company floated as Rolls-Royce Holdings plc bought the 1971 company from the 2003 company

Template:Rolls-Royce Plc



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