Rolls-Royce has cemented its status as a darling of the London Stock Exchange after its value passed £40bn for the first time ever. The Derby-headquartered aerospace giant has seen its share price soar like almost no other London-listed company since its low point during the Covid-19 pandemic. Spearheaded by its relatively new CEO, Tufan Erginbilgiç, Rolls-Royce’s shares passed the valuation milestone after rising to more than 485p each.
In May, Rolls-Royce reaffirmed its full-year guidance for profit and cash flow as booming travel demand saw flying hours for its engines return to pre-pandemic levels. In a trading update, Rolls-Royce said large engine flying hours had hit 100 per cent of 2019 levels in the four months to 30 April, driven by recovery in international travel to Asia and its growing fleet.