Rolls-Royce first-half profit more than doubles, but troubles threaten
London — Warren East’s reboot of struggling industrial giant Rolls-Royce Holdings Plc gathered pace as the aircraft-engine maker’s first-half profit more than doubled, aided by the chief executive’s restructuring plan. At the same time, East left his 12-month outlook for "modest" performance improvements unchanged in guidance on Tuesday, warning that the London-based company faces production hurdles in the second half that will make or break its year and indicate whether the recovery has truly taken hold. Rolls-Royce shares surged 10%, the most in a year, wiping out declines on Monday when the company reined in expectations for its long-term cash goal. Under East, recruited in 2015 after running semiconductor maker ARM Holdings, the group has cut management posts, reorganised units and begun a strategy review as it repositions to tap the biggest jetliner backlog in history. "We’ve made good progress but there’s still a lot to do and I’m telling people this is no time for complacency...
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