Rolls-Royce Holdings PLC said Thursday that its pretax loss widened for 2022 widened and that a strategic review is underway to identify investment priorities.
The British aerospace and defense company posted a pretax loss of 1.50 billion pounds ($1.81 billion) compared with a pretax loss for 2021 of GBP294 million.
Revenue came in at GBP13.52 billion compared with GBP11.22 billion a year prior.
For 2023, the company is targeting operating profit guidance of GBP0.8 billion-GBP1.0 billion and free cash flow guidance of GBP0.6 billion-GBP0.8 billion.
“Our transformation program is already underway and is moving at pace. It will include a strategic review so that we can prioritize our investment towards the most profitable opportunities. We will report the findings together with our medium-term goals in the second half of this year,” Chief Executive Tufan Erginbilgic said.
Rolls-Royce said shareholder payments won’t be made for 2022, but that it is committed to resuming them.