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Rolls-Royce takes another £800 million hit to fix problem engine

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LONDON (Reuters) - The bill to fix Rolls-Royce’s (RR.L) Trent 1000 engine has risen by another £800 million as the aerospace group battles to reduce disruption to airline customers that have had to ground Boeing 787 passenger planes for repairs.

The British engineer said on Thursday its operating profit and cash flow this year would come in at the bottom of its guidance - both at about £600 million - as the cost of the Trent 1000’s problems rose to £2.4 billion for 2017-2023.

Chief Executive Warren East said Rolls would spend more on parts and replacement engines to reduce the time aircraft are grounded while turbine blades are replaced.

“We want to get planes back into the skies faster, giving (airlines) much better visibility of when engines need to be serviced and better confidence in scheduling, and providing clarity to investors,” he told reporters.

More: https://uk.reuters.com/article/uk-rolls-royce-hldg-outlook-idUKKBN1XH0VF

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