Rolls-Royce’s transformation proceeds “with pace and intensity”
Rolls-Royce has hailed “strong first half results,” giving it confidence to raise guidance.
The business reported significantly higher operating profit despite a challenging supply chain environment. Underlying operating profit rose by £0.5bn to £1.1bn, a 74% increase versus the prior period.
This was driven by Rolls-Royce’s transformation programme and strategic initiatives, with commercial optimisation and cost efficiency benefits across the group.
Underlying revenue, meanwhile, passed £8bn, up from just under £7bn in the same period last year.
Full year guidance has now been raised, with Rolls-Royce expecting underlying operating profit between £2.1bn and £2.3bn.
Tufan Erginbilgic, CEO, said: “Our transformation of Rolls-Royce into a high-performing, competitive, resilient, and growing business is proceeding with pace and intensity. We are expanding the earnings and cash potential of the business in a challenging supply chain environment, which we are proactively managing. We are on track to deliver our mid-term targets.
“Our strong first half results reflect the continued delivery of our strategic initiatives and a relentless focus on commercial optimisation and cost efficiencies across the Group. These results and our increased financial resilience give us the confidence to raise our 2024 guidance and reinstate shareholder distributions in respect of the full year 2024 results.”
Light Science Technologies increases revenue and reduces losses
Light Science Technologies Holdings (LSTH), comprising three divisions: controlled environment agriculture (CEA), contract electronics manufacturing (CEM) and passive fire protection (PFP), has increased its revenue and reduced its losses.
According to unaudited interim results for the six months ended 31 May 2024, the business’s revenue hit £5.2m, up from £4.4m in the same period of the year prior.
The firm, meanwhile, reduced its loss before tax by 58.4% to £0.3m.
Simon Deacon, CEO of LSTH, said: “In the first half of 2024, the structural changes made in the business began to take hold and we are seeing accelerated growth in both revenues and margins. With this progress, our losses are narrowing and therefore we are confident of achieving break even with continued progression across our divisions.
“Strategically, we are better positioned as a Group than we ever have been. CEM continues to provide robust revenues and expands into new markets, PFP is adding strong margin revenues in a large addressable market that benefits from regulatory tailwinds, and we continue to establish a global footprint in CEA; a market that we believe underpins exponential long-term growth opportunities for LSTH.
“While some hurdles remain, the landscape for the Group is steadily improving. CEM, recently positioned to handle larger volume projects, stands to benefit from emerging market trends. PFP is targeting an enormous domestic market, which is facing increasing governmental pressure, as the less invasive, lower cost solution and within CEA we are increasingly reminded of the global pressures that are forcing us to re-think how we approach food production. It is the Board’s view that both the short and long term prospects for the Group are very positive.”
Rolls-Royce completes sale of lower power range engine business
Rolls-Royce has completed the sale of the lower power range engines business of Rolls-Royce Power Systems to Deutz.
The sale follows the announcement on 13 December 2023 of an agreement in principle being reached and the sale price is in the high double-digit million euro range.
Dr. Joerg Stratmann, CEO of Rolls-Royce Power Systems, said: “This deal follows the realignment of our strategy to focus on the supply and maintenance of engines and systems primarily from our own production. We are handing over a good business, an excellent customer base and a strong team.”
As a result of the transaction, Deutz will take over the distribution of the mtu Classic series in the lower power range and the mtu engine series 1000 to 1500, which are based on three Daimler Truck engine platforms. These engines are in the 5 to 16 litre displacement class with an output of up to 480 kW and used in a variety of off-highway applications, primarily agriculture and construction.
Power Systems will continue to use engines based on Daimler Truck technology to power railway and military land vehicles, as well as for power generation. The servicing activity related to engines already in use is also part of the sale and, following a transition phase, is expected to be covered exclusively by Deutz-authorised partners from 1 January 2025.
Hundreds of Derbyshire charities face “devastating” cuts
The future of voluntary and community groups across the High Peak is under severe threat due to a significant proposal by Derbyshire County Council (DCC) to end discretionary grant funding as it looks to tackle financial pressures. This move could have catastrophic consequences for numerous charities and services that play a crucial role in the community.
These discretionary grants are a lifeline for the voluntary sector, enabling a wide range of essential services to operate throughout the High Peak. The proposed cuts are indiscriminate and far-reaching, jeopardising the existence of small voluntary groups that provide crucial support to some of the most vulnerable members of society, including young people, the elderly, and disabled.
Infrastructure organisations such as High Peak CVS, Connex in Buxton, New Mills Volunteer Centre, and The Bureau in Glossop, which all support the local voluntary sector, also face cuts which will severely impact the support on offer to groups and charities.
These organisations say they are now joining forces to fight these cuts and need the general public and residents of Derbyshire to unite to make their voices heard.
If the cuts go ahead, over £1 million in grants will be lost for community and
voluntary groups across the High Peak and Derbyshire. Specifically, groups providing adult social care would lose just over £722,000, while groups receiving corporate services and transformation grants would forfeit just over £333,000.
Derbyshire residents are being urged to fill in a survey the County Council has put together as part of the consultation period it is currently holding about the proposed cuts.
A representative from HPCVS urged people to get involved: “We need as many people as possible to unite together and make a stand against these cuts. We need to make our voices heard that the voluntary sector is valued, needed, and relied upon in this area by so many people!
“These grants are a lifeline to the voluntary sector, supporting a wide range of essential services locally. The consultation survey is open until 20th August 2024, and can be accessed through High Peak CVS’s website at highpeakcvs.org.uk/dcc-survey.
“Please tell all of your family and friends to ensure everyone is aware of the emergency that is facing our voluntary sector. We need to act now as time is running out!”
In addition to the survey, Derbyshire Voluntary Action are asking the Council to
debate in full any proposed cuts to discretionary funding and consider the significant impact to communities if services are reduced.
Mayor welcomes new homes plan
Claire Ward, the Mayor of the East Midlands, has welcomed Government plans announced on Tuesday (30 July) to overhaul planning rules in a bid to accelerate housebuilding across the country.
Mayor Claire, who included a pledge to build more affordable homes in her mayoral campaign, said: “These are bold plans to revolutionise housebuilding – and my priority is to make sure they will make a real difference to the many people in the region who want and need a good, affordable home.
“These plans are still at a very early stage and we need to wait to see more detail before we can work through the implications of what it means for us, but a radical overhaul of a system that just wasn’t working is important for all of us who want to make this region a great place to live, work and learn.
“This is a region unlike any other in terms of the challenges around developments in the right places and I will be having early conversations with government so they get a clear idea about what will work here.
“We know we have some big opportunities if we are prepared to be ambitious and that’s what we want to do.
“I’ve always been clear that building the homes we need is an absolute priority, supporting our drive to deliver inclusive growth across the region and make a difference in our communities, but we want to do it in the right way, working with district and borough councils across the region.”
Mayor Claire said she was looking forward to working with the Government to get the best outcome for the East Midlands: “Our region needs new homes and, crucially, the infrastructure to go with it so that housing developments have good connections to jobs, schools and colleges.
“So I will continue to make the case for the funding we need to deliver the infrastructure of road, rail and public transport so we can unlock the private sector investment in new homes and jobs.
“I’m impatient to get on with delivering for the people in our region and this is a very welcome first step.”
Government axing of railway scheme must not impact East Midlands asks, says Chamber
A range of proposed rail improvements for the East Midlands must not be overlooked by the government, says East Midlands Chamber, following the Chancellor’s announcement that the ‘Restoring Your Railway’ fund was to end.
The Chamber’s Manifesto for Growth 2024 contains a series of asks for the government to significantly upgrade the transport infrastructure in the East Midlands:
- Commit to the full electrification of the Midland Main Line
- Reinstate direct rail services between Leicester and Coventry
- Put £18m of funding into improving the Nottingham to Lincoln line
- Prioritise schemes within the Midlands Rail Hub scheme following the HS2 East cancellation
Cameron Homes reveals new leadership structure
Midlands-based homebuilder, Cameron Homes, has announced a new leadership structure, a key step in its strategic growth plan.
The homebuilder, which is part of Tara Group, has a newly formed Senior Leadership Team, led by Managing Director, Guy Bebbington. Guy has taken on the role from Founder and Director of Cameron Homes, Ian Burns, following his decision to step down from the board.
Alongside Guy, the Cameron Homes leadership team will oversee a range of disciplines, crucial to the homebuilder’s continued success in the new build sector.
The newly formed team boasts a wealth of experience and expertise, and includes:
- Guy Bebbington – Managing Director
- Collette Bradbury – Sales & Marketing Director
- Lewis Brazier – Head of Production
- Steve Cassie – Development Director
- Michael Dean – Commercial Director
- Carli Gallier – Head of People
- John Hickman – Group Land Director
- Paul Morrissey – Operations Director
- Luke Sidaway – Head of Finance
- Kate Tait – Group Land & Planning Director
Property consultancy retained after assisting in acquisition of major new business park in Nottinghamshire
A property consultancy has assisted Clowes Developments in the off-market acquisition of a major new business park in Nottinghamshire with permission for around 500,000 sq ft of warehouse and industrial space.
Harrier Park in Hucknall, Nottingham, has planning permission for six new buildings to be constructed for industrial and logistics use. The site has been purchased by Clowes off Rolls-Royce via their development manager Muse.
Property agent Fisher German has been retained, jointly alongside fellow agents FHP, at the 31-acre site which dates back to World War II when it was used as an aerodrome.
In the 1950s, it was the location of the world’s first vertical aircraft take-off, leading to the development of the famous Harrier ‘Jump Jet’ which led to the name Harrier Park.
Now, Fisher German has been instructed as joint marketing agents and is inviting interest from occupiers for ‘build to suit’ industrial and warehouse buildings either to buy or rent.
Rob Champion, Partner and Head of Industrial and Logistics at Fisher German, said this is a key site in Nottingham which would boost the economy through the jobs that would be created at the business park.
He added: “The site has an interesting history and the development will see the legacy of industrial innovation preserved through the delivery of best-in-class buildings for today’s forward-thinking businesses.
“We are expecting very strong interest from a range of sectors since the market remains strong and we will be using our market knowledge and key connections to identify potential occupiers.”
Miles Youdan, Partner in Investment at Fisher German, added: “This will help to create jobs for local people which will have a positive knock-on effect for the local economy.
“We are confident Harrier Park will be a real success story for the area, particularly with the variety of unit sizes, access to skills and its great transport links.”
Sarah Day, Senior Land Manager at Clowes Developments, added: “The site has the potential to develop just over 500,000 sq ft of industrial use facilities in a prime location with great connections across the East Midlands.
“We look forward to working with the local planning authority, Ashfield District Council, to bring forward a business park which will enhance the economy and provide employment opportunities locally.”
Aggregate Industries enhances local sea defences
Aggregate Industries, a building materials supplier, has delivered 89,000 tonnes of rock armour as part of the Environment Agency’s £29 million Stallingborough Sea Defence Improvement Scheme.
Aiming to enhance coastal defences and protect critical infrastructure along the Humber Estuary, between the ports of Immingham and Grimsby, this ambitious project required 70,000 tonnes of granite to be shipped from Aggregate Industries’ Glensanda superquarry in Western Scotland via Immingham Dock.
The granite, with each piece weighing between 0.3 to 1.0 tonnes, made its two-day sea voyage aboard the 90-meter-long Hagland Saga. Each of the 17 shipments carried approximately 4,500 tonnes. Upon arrival at Immingham, the cargo was swiftly offloaded and transported by road to the Stallingborough project site.
Additionally, 19,000 tonnes of smaller grade rock armour, ranging from 60kg to 300kg, were sourced from the firm’s Bardon Hill quarry in Leicestershire and delivered in approximately 700-tonne loads.
In collaboration with Jackson Civil Engineering, Aggregate Industries ensured a seamless delivery, overcoming challenges such as unpredictable docking times and the migration of vital bird species which limit works within the designated Humber Estuary site between April and September every year.
Nick Gilbert, business development manager for Aggregate Industries, adds: “We are proud to have played a crucial role in protecting Stallingborough and its surrounding areas.
“Our comprehensive network and methods enabled us to meet the logistical challenges of this complex and reactive project which effectively saw the equivalent of a quarter of the Humber Bridge’s tonnage seamlessly delivered and discharged, directly contributing to the safety and resilience of the local community.”
The Stallingborough Sea Defence Improvement Scheme is the third phase of ongoing coastal improvements and is designed to provide a further 25-year design life to the current flood defence embankments.
This project will see the repair and fortification of a 4.5km stretch – including some 3km of rock armour – with the works comprising resealing and improvements of existing revetments, some of which date back to the 1953 North Sea flood. This effort will safeguard 2,300 homes, vital infrastructure and industry, as well as precious habitats in the Stallingborough area.
Nigel Priestley, Senior Project Manager for the Environment Agency, said: “Aggregate Industries have provided a great service to Jackson and the Environment Agency by supplying the smaller rock to allow installation to commence in 2023, and then the larger rock from Oban, through the winter, impacted by numerous storms, in time for a March 2024 start.
“The option to deliver by boat from the UK has also saved a significant amount of carbon too and minimised transportation by road.”
The granite used in this project, known for its durability and longevity, is an ideal material for modern sea defences. With a lifespan exceeding 100 years, these specialist aggregates are designed to withstand harsh weather conditions and dissipate wave energy, mitigating soil erosion and maintaining the natural integrity of the landscape.
Beyond its protective capabilities, the rock armour also promotes vegetation growth and facilitates habitat creation, aligning with Aggregate Industries’ commitment to environmental sustainability.
Nottingham’s Altia strengthens presence in APAC region with senior hires
Investigative technology specialist Altia has appointed two senior figures in a bid to drive further growth across Asia, Pacific, Australia, and China (APAC).
The additions to the APAC team will see Rob Cordy join as Head of Sales with Brandan Lizotte taking on the position of Senior Business Development Manager, with both tasked with developing the company’s presence in the region.
Headquartered in Nottingham, Altia serves a global audience, providing law enforcement agencies, government departments, and private sector businesses with intelligence and investigation software.
The new additions to Altia’s APAC team follow the company announcing a new partnership with SOCO – a multi-award-winning IT consultancy, based in Australia, which specialises in the delivery of digital solutions, business applications and integration projects – in February this year.
Rob’s arrival will complement Altia’s services, bringing with him over 30 years of experience in the IT industry across both the private and public sectors, with a proven track record of leading high-performing teams at organisations such as Dell, HP, and IBM.
With extensive expertise in driving sales growth and cultivating team success, his focus will be on helping organisations achieve business process improvements, risk mitigation, and operational efficiencies through Altia’s software solutions.
Brandan brings with him an extensive background in sales and business development and will support Altia’s expansion goals in the region, establishing strategic partnerships and maintaining long-term client relationships.
He holds a background in law enforcement, having served as a police officer between 2012 and 2017, where he ensured operational safety through patrols, responded to incidents, enforced laws and investigated offenses.
Rob Sinclair, Altia CEO, said: “We are thrilled to welcome Rob and Brandan to our team. Individually, they both have a strong track record of driving businesses forward with their expertise in sales, business development, and in creating long-lasting relationships with customers.
“With their combined experience and leadership they will play a pivotal role as we continue to grow and strengthen our presence in the APAC market.
“We look forward to their contributions and the positive impact they will bring to our organisation, as well as the support they will bring to existing and new customers within the region, helping them to utilise Altia’s technologies and streamline their operations.”
Rob Cordy said: “I am thrilled to join Altia and help lead the expansion of our innovative solutions in the APAC region. The dynamic and rapidly growing market here presents incredible opportunities for us.
“I’m looking forward to working with the team to enhance our presence and further drive our ambition of providing cutting-edge investigative technology to new heights.”
Brandan added: “When it comes to providing investigative tech Altia is a world leader in what it does, so naturally I’m delighted to join the team and start contributing to the company’s growth.
“I can’t wait to hit the ground running with the rest of the team, build strong partnerships and help to deliver Altia’s innovative solutions across the region to bring exceptional value and support for our clients.”
