Rolls Royce share price continues its path towards a slow recovery. This comes as the company says that large-engine flying hours, which dropped by 66% in 2020 due to the shutdown in global aviation, had started to pick up. However, restrictions on international travel appear to constitute a headwind to this recovery, even as the delta variant of the coronavirus spreads.
Large engine deliveries for H2 2021 remain short of 2020 levels. Still, the company was able to turn a profit in this period after the defence component of its business and its power systems orders rebounded. The company earned 0.0471 pounds per share, compared with a loss per share of 0.9612 in H1 2020.
Rolls Royce Share Price Output
The advance has put Rolls Royce share price on the path towards 113.70 (17 June high). If this level is breached, we could see a push towards 118.26 (9 March high), followed but 122.30 if the advance extends further.
On the other hand, a decline below 110.04 takes out this support and brings 103.64 into the picture as additional support. 99.90 and 95.04 (30 June and 27 July lows) form additional price targets to the south.