Interim Results

ROLLS-ROYCE PLC
26 August 1999


             ROLLS-ROYCE plc INTERIM RESULTS 1999

                           1999           1998           
_____________________________________________________________________
Sales (continuing          
  operations)             £2104m         £1990m           +6%
                                                         
Profit before tax          £159m          £135m          +18%
                                                         
Earnings per share            8.17p          7.17p       +14%
                                                         
Dividend                      2.70p          2.45p       +10%
                                                         
Order book                  £10.3bn        £10.0bn        +3%
                                                         
                                                         
_____________________________________________________________________
                                                         
Sir Ralph Robins, Chairman, said:-

'Rolls-Royce delivered another sound performance.  We
increased sales, profits and earnings and maintained a strong
order book.

'The success of our cost reduction programme, Better
Performance Faster, has enabled us to meet our financial
targets whilst increasing investment in new product
development.

'Our aerospace businesses performed strongly and we increased
investment in our energy businesses, where we see future
growth through the exploitation of our gas turbine technology.

'Based upon our market outlook we continue to target double
digit earnings growth.'

Enquiries

Peter Barnes-Wallis
Director of Corporate Communications
0171 222 9020
Rolls-Royce home page: www.rolls-royce.com
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Delivering value

Rolls-Royce is continuing to develop its leading positions in
civil aerospace, defence, marine and energy markets.  During
1999 the company created new opportunities in these markets,
supported by investment in new products and capability.

The recently announced acquisition of the rotating compression
business of Cooper Cameron enhances the company's position in
the energy sector.  The selection of the marine Trent for
Fastship, announced today, creates a broader base
upon which to develop the marine business.

Net research and development investment was increased, in line
with plans.  The company achieved key milestones in its
product development programmes.

Rolls-Royce has experienced a period of exceptional growth,
with engine deliveries increasing by more than 40 per cent
since 1996.  Over this time significant improvements in
operational efficiency have been achieved.

The company has been able to increase investment and meet its
financial targets as a result of its operational improvement
programme, Better Performance Faster.  An example of this
investment is the new advanced turbine blade facility which
was opened in April.   As a result of this £41 million
investment, machining costs of high pressure turbine blades
will be halved.

Large aircraft deliveries are reducing.  However, the breadth
of the company's product range will enable it to sustain its
higher rate of deliveries, supported by its growing presence
in the regional airline market.  Year 2000 engine deliveries
are expected to be at a similar level to 1999.

In the defence market, positions on new programmes, such as
the EJ200 for Eurofighter and propulsion systems for Joint
Strike Fighter, will enable steady progress to be made.

The marine power business performed well in the first half.
Good progress was made with the company's two major naval
defence programmes, the WR-21 and Astute submarine propulsion
system.  The marine business will be strengthened by the
selection of the marine Trent by Fastship Group, which
augments the company's position in the commercial marine
sector.

The company sees considerable growth potential in the energy
sector.  The acquisition of the Cooper Cameron businesses and
the development of new products will enhance its position.
The cost of developing the industrial Trent engine has been
higher than originally planned.  Market interest is high,
driven by the growth in the distributed power market.

Based upon its view of market prospects, the company continues
to target double digit earnings growth.
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Rolls-Royce plc interim results 1999

The Group achieved strong earnings growth with profit before
tax of £159 million, up 18 per cent over the first half of 1998.

Order intake remained strong, matching sales in the first
half.  The firm order book was £10.3 billion (1998 
£10 billion).  In addition a further £1.4 billion had been
announced but not yet included in the order book (1998 £2 bn).

Sales from continuing operations increased by six per cent, to
£2104 million (1998 £1990 million).  Aerospace sales were up by 
seven per cent and industrial  sales were flat.

Civil aerospace sales were 15 per cent higher and defence
sales 10 per cent lower than in 1998.  Civil spares sales, including 
RB211-524 G/H-T upgrade kits, grew by 11 per cent and will continue 
to grow as the installed base of engines grows and matures, creating 
embedded value for the future.

Industrial sales benefited from growth in marine power (up 
17 per cent) and oil and gas (up 10 per cent), offset by a
decline in power generation sales.

Trading profit, before research and development expenditure
and including joint ventures, increased by 24 per cent, to
£278 million (1998 £224 million).   Trading margin improved
from 11.3 per cent to 13.2 per cent.

Aerospace trading profit increased by 34 per cent, to 
£266 million and industrial businesses'  trading profit declined by
£13 million to £12 million. Restructuring  of the materials
handling businesses and additional costs incurred in respect
of the industrial Trent programme led to the decline in
trading profit.  In the industrial businesses both oil and gas
and marine power performed strongly.

The expected adverse impact of the sterling: dollar exchange
rate was mitigated by the company's treasury operations.

Restructuring costs, of £11 million were expensed in the first
half (1998 £4 million).  A similar charge is anticipated in
the second half.

Net research and development expenditure increased, as
expected, to £109 million (1998 £80 million), reflecting
continuing development of the Trent aero engine family and
reduction of emissions for industrial engines.  Expenditure
will be lower in the second half of the year.

Capital expenditure during the first half was £101 million
(1998 £110 million).  Around half of this expenditure related
to the company's manufacturing operations, ten per cent to
project development and finance activities and nearly 20 per
cent related to Better Performance Faster, including
associated information technology.
----------------------------------------------------------------------------
An additional £88 million expenditure was incurred on three
Boeing 757 aircraft which have been leased to an airline
customer.  During the second half year these will be
transferred to the company's aircraft leasing joint venture.

The customary first half cash outflow was exacerbated by a
reduction in customer advances, the temporary ownership of
three Boeing 757 aircraft and a planned increase of inventory,
to support the higher level of deliveries to customers.
Inventory will reduce in the second half.  Achievement of
world-class levels of inventory turnover will be enabled by
the introduction of SAP during 2000.

Net debt was £325 million, equivalent to 18 per cent of
shareholders' funds (1998 net cash £27 million).  The company expects 
to report positive net cash balances at the year end, on a comparable
basis.

Shareholders' funds were £1,813 million (1998 £1,530 million).

The interim dividend is 2.70 pence per share, an increase of
10 per cent over 1998.  The dividend is payable on 10 January 2000 to
shareholders on the register on 22 October 1999.  The ex-dividend date 
is 18 October 1999.
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Review of operations

The company has continued to develop its strong civil
aerospace product portfolio, achieving important milestones on
new programmes.

The Trent 500, under development for the Airbus Industrie A340-
500/600 aircraft, ran for the first time, in June.  The
initial testing has been very successful, a thrust of 68,000
lb being achieved.  The planned certification take-off thrust
of the engine is 60,000 lb.

The Trent 895 achieved certification ahead of schedule and the
first engines have been delivered for the British Airways extended 
range Boeing 777-200s.  Trent 700 and 800 engines, in service 
respectively on the A330 and B777, reached one million hours 
of service in June.

The company continues to achieve market success.  New civil
customers have been won at the rate of more than one every
month during the 1990s.

In the airline market sector CIT Group, Air Lanka and
Singapore Airlines all ordered Trent engines.  The company now
has achieved a 44 per cent share of Boeing 777 orders, with 10
customers and a 40 per cent share of the Airbus Industrie A330
with 15 customers. The International Aero Engines' V2500
achieved an order intake of $2 billion, representing 35 per
cent of the A319, 56 per cent of the A320 and 77 per cent of
A321 orders in the first half.  Plans for an improved version
of the engine were announced in June.

In the corporate and regional airline sector, the AE3007-
powered Embraer ERJ 135 and 145 continued to win new customers.  
Orders of these aircraft now exceed 900, of which 140 have been 
delivered.  The BMW Rolls-Royce BR710 powers the latest generation 
of long range executive jets. The 50th Gulfstream GV was delivered 
in the first half and the Bombardier Global Express entered
service.

In defence markets, Rolls-Royce forecasts a steady demand for
military aero engines over the next ten years.  Large numbers
of military aircraft will reach the end of their operational
lives, creating a replacement demand.  Rolls-Royce is
represented in all of the major military aircraft sectors

In the combat sector, progress was made with the company's
participation in two of the world's major new programmes.  In
Europe the company is a leading partner in the EJ200 engine
for Eurofighter Typhoon.  Flight testing has proceeded on
schedule for the planned completion of initial certification
testing in November.  The first production components are now
being built.   For the US Joint Strike Fighter programme, a
$440 million contract was awarded to the  JSF-F120 team, in
which Rolls-Royce is a major partner.
----------------------------------------------------------------------------
The Adour engine secured business valued at £250 million,
powering Hawk aircraft for the Royal Australian Air Force and
for the NATO Flight Training Canada programme.  In each case
the contracts included through life support of the Adour 871
engines, reflecting the Rolls-Royce strategy of developing its
aftermarket presence.

Helicopter highlights included first flight of the RTM 322-
powered Apache, scheduled to enter service with the British
Army in 2000.  The same engine successfully completed ground
runs for the NH90 naval and transport helicopter.  France and
Germany signed a contract for 160 Tiger anti-tank helicopters,
powered by the MTR390 engine.

The BR710 completed its 150 hour endurance test for the Nimrod
MRA4, the next generation maritime reconnaissance aircraft.

Strong progress was made with marine power, where sales
increased by 17 per cent, as work proceeded on the powerplant 
for the new Astute-class submarine programme.  HMS Ocean, Britain's 
new helicopter carrier, powered by Rolls-Royce (Crossley Pielstick
diesels), entered service and the WR-21 testing programme made
good progress.

This month, Rolls-Royce announced the selection of the marine
Trent by Fastship Group.  The requirement for engines for four
fast, transatlantic cargo ships could result in business worth
more than $1 billion to Rolls-Royce, including through life
support.   This agreement marks a significant milestone as the
company expands its position in the commercial marine market,
building on its long experience in the defence sector.

In energy markets the company has continued to focus upon gas
turbine and diesel technology in the power generation and oil
and gas sectors.

The oil and gas business performed well with sales growing by
10 per cent.  The recent announcement of the acquisition of
the rotating compression equipment interests of Cooper
Cameron, for $180 million, will enable Rolls-Royce to
strengthen its position in this market and increases the scope
for aftermarket services.  The industrial RB211 is a leading
product in this sector.  The Dry Low Emissions version of this
engine, which offers significant reductions in nitrous oxides
and carbon monoxide emissions, reached a total of 250,000
hours of operation in the first half.

Sales in the power generation business fell by 20 per cent,
reflecting reduced sales activity on the industrial Trent
programme, as the company resolved operational issues.
Currently five industrial Trent power stations are in service
and have accumulated over 10,000 hours operating experience.
Market interest is high, driven by the growth in the
distributed power market.  Two further Trent power stations
will be commissioned in the UK in the second half of 1999.
The company is making good progress towards achieving
competitive emissions performance necessary for current and
future environmental requirements, across all of its products
in the energy sector.
----------------------------------------------------------------------------
Development of Rolls-Royce aftermarket services continued in
the first half of 1999.  Aftermarket sales now represent 38 per cent 
of Group sales.  The company plans to double its repair and overhaul 
sales over the next five years.  The aftermarket is
important for all of the company's businesses.  It provides a
growing opportunity to meet the needs of customers throughout
the long service lives of Rolls-Royce products.  The company's
strategy is to build upon its growing success with original
equipment sales and to expand the scope of activities in the
aftermarket.

Milestones in the first half included the formation of Data
Systems and Solutions, a joint venture with Science
Applications International Corporation (SAIC).  The joint
venture specialises in predictive data management in the
aerospace and energy sectors.  In May it won a $17 million
contract to carry out independent verification of the safety
system software at the Temelin nuclear power station in the
Czech Republic.  Recently, the company announced its first
civil aerospace contract, for a real-time engine condition
monitoring system for German charter airline, Condor.

Rolls-Royce has expanded its aerospace repair and overhaul
activities with a global network which now comprises 14
facilities, on four continents, handling 48 engine types.  
Each year 400 operators put more than 1300 engines through 
Rolls-Royce facilities for repair and overhaul

Year 2000 readiness

The company's Year 2000 correction, replacement and upgrade
programmes are now almost complete. These programmes encompass
its products, machine tools and other shop floor assets,
buildings and environmental controls.

A series of verification tests has been completed, to confirm
that the computer hardware, systems and other products of
material importance to the businesses, will operate in a Year
2000 environment.

The company has undertaken a review of its supply chain,
concentrating on key suppliers to ensure continuity of supply.

Contingency planning is well advanced, to ensure that, in the
unlikely event that    problems are encountered, the company
is able to continue without significant disruption to normal
operations.

The incremental cost of ensuring Year 2000 compliance will
amount to approximately £27 million by the end of 1999.  Of
this, the spend in 1999 will be around £12 million.  In
addition the company has invested more than £100 million over
the past three years under a programme of information
technology infrastructure renewal, as part of its Better
Performance Faster programme.
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Group Profit and Loss Account
For the half year to 30 June 1999
                                     Half Year     Half Year       Year to
                                        to            to        31 December
                                   30 June 1999  30 June 1998       1998
                                        £m            £m             £m
Turnover: Group and share of joint   
  ventures                            2,197         2,179          4,687
Sales to joint ventures                 401           326            701
Less share of joint ventures'        
  turnover                             (494)         (406)          (892)
__________________________________________________________________________
Group turnover (note 1)               2,104         2,099          4,496
Cost of sales and other operating    
  costs                              (1,839)       (1,890)        (4,019)
Research and development (net)*        (109)          (80)          (173)
Utilisation of provision for loss                          
  on sale/termination of businesses       -             9             12
__________________________________________________________________________
Group operating profit                  156           138            316
Share of operating profit of joint   
  ventures                               13             6             17
Loss on sale of businesses               (4)            -            (40)
Profit from the sale to BMW of the                         
  automotive trademark registrations 
   of the Rolls-Royce name                -             -             40
Profit on sale of fixed assets            8             -              9
__________________________________________________________________________
Profit on ordinary activities        
  before interest (note 1)              173           144            342
Net interest payable - Group             (7)           (7)           (12)
                     - joint ventures    (7)           (2)            (5)
__________________________________________________________________________
Profit on ordinary activities        
  before taxation                       159           135            325
Taxation                                (35)          (27)           (65)
__________________________________________________________________________
Profit on ordinary activities after  
  taxation                              124           108            260
Equity minority interests in         
  subsidiary undertakings                (1)           (1)            (2)
__________________________________________________________________________
Profit attributable to ordinary
  shareholders                          123           107            258
Dividends - interim 2.70p (1998      
  interim 2.45p final 4.10p)            (41)          (37)           (99)
__________________________________________________________________________
Transferred to reserves                  82            70            159
__________________________________________________________________________
*  Research and development (gross)    (316)         (321)          (668)
                                                           
Earnings per ordinary share (note 2)
Before exceptional and non-          
  operating items                        7.91p         7.17p          16.91p
After exceptional and non-operating  
  items                                  8.17p         7.17p          17.25p
Diluted after exceptional and non-   
  operating items                        8.09p         7.10p          17.10p
There have been no material acquisitions
                                                           
Group Statement of Total Recognised Gains and Losses
__________________________________________________________________________
Profit attributable to ordinary      
  shareholders                          123           107            258
Exchange adjustments on foreign                            
  currency net investments               17             -            (12)
__________________________________________________________________________
Total recognised gains and (losses)  
  for the period                        140           107            246
__________________________________________________________________________
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Summary Group Balance Sheet

                                    Half Year     Half Year       Year to
                                        to            to        31 December
                                   30 June 1999  30 June 1998       1998
                                        £m            £m             £m
Fixed assets - Intangible                 8             3              8   
             - Tangible               1,348         1,213          1,217
Investments  - joint ventures           153           104            134
                                   _______________________________________
                share of gross 
                  assets              1,076           645            855
                share of gross     
                  liabilities          (923)         (541)          (721)
                                   _______________________________________ 
            - other                      21            22             15
__________________________________________________________________________
                                      1,530         1,342          1,374
Stocks                                1,174         1,093          1,041
Debtors                               1,492         1,482          1,347
Creditors -    due within one year   (1,647)       (1,908)        (1,961)
          -    due after one year       (97)         (110)           (63)
Provisions for liabilities and       
  charges                              (302)         (377)          (323)
__________________________________________________________________________
Net assets - excluding net funds     
  (note 1)                            2,150         1,522          1,415
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Short term deposits and investments     103           570            722
Cash at bank and in hand                381           176            297
Borrowings - due within one year       (263)         (349)          (177)
           - due after one year        (546)         (370)          (540)
__________________________________________________________________________
Net (debt)/funds                       (325)           27            302
__________________________________________________________________________
Net assets                            1,825         1,549          1,717
__________________________________________________________________________
                                                           
Capital and Reserves                                       
Equity shareholders' funds            1,813         1,530          1,705
Equity minority interests in         
  subsidiary undertakings                12            19             12
__________________________________________________________________________
                                      1,825         1,549          1,717
__________________________________________________________________________
                                                           
Reconciliation of Movements in Shareholders' Funds
                                                           
                                        £m            £m             £m
At 1 January                          1,705         1,443          1,443
Total recognised gains and (losses)  
  for the period                        140           107            246
Ordinary dividends (net of scrip     
  dividend adjustments)                 (34)          (34)           (76)
New ordinary share capital issued         2            14             14
Goodwill transferred to the profit                         
  and loss account in respect of       
   disposals of businesses                -             -             78
__________________________________________________________________________
At period end                         1,813         1,530          1,705
__________________________________________________________________________
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Summary Group Cash Flow Statement


                                    Half Year     Half Year       Year to
                                        to            to        31 December
                                   30 June 1999  30 June 1998       1998
                                        £m            £m             £m
Net cash (outflow)/inflow from       
  operating activities                 (389)          (51)           285
Dividends received from joint        
  ventures                                -             4             11
Returns on investments and           
  servicing of finance                   (6)           (3)           (10)
Taxation paid                            (7)           (8)           (34)
Capital expenditure and financial    
  investment                           (189)         (110)          (309)
(Acquisitions) and disposals              -             -             87
Equity dividends paid                   (30)          (30)           (65)
__________________________________________________________________________
Cash outflow before use of liquid                          
resources and financing                (621)         (198)           (35)
Management of liquid resources          619          (184)          (336)
Financing (share capital and         
  borrowings)                           108            49            113
__________________________________________________________________________
Increase/(decrease) in cash             106          (333)          (258)
__________________________________________________________________________
                                                           
Reconciliation of net cash flow to                         
  movement in net funds
Increase/(decrease) in cash             106          (333)          (258)
Cash (inflow)/outflow from                                 
  (decrease)/increase in liquid        
    resources                          (619)          184            336
Cash inflow from increase in        
  borrowings                           (106)          (36)           (99)
__________________________________________________________________________
Change in net funds resulting from   
  cash flows                           (619)         (185)           (21)
Loans disposed of with subsidiary    
  undertakings                            -             -            112
Zero-coupon bonds 2005/2007 (9.0% 
  interest accretion)                    (1)           (1)            (2)
Exchange adjustments                     (7)            -              -
__________________________________________________________________________
Movement in net funds                  (627)         (186)            89
Net funds at 1 January                  302           213            213
__________________________________________________________________________
Net (debt)/funds at period end         (325)           27            302
__________________________________________________________________________
                                                           
                                                           
Reconciliation of operating profit                         
  to operating cash flows
Operating profit                        156          138             316
Depreciation of tangible fixed       
  assets                                 48           48             113
Loss/(profit) on disposals of        
  tangible fixed assets                   3           (2)             (1)
(Decrease) in provisions for         
  liabilities and charges               (21)         (30)            (89)
(Increase) in working capital/                                      
  creditors due after more     
   than one year                       (575)        (205)            (54)
__________________________________________________________________________
Net cash (outflow)/inflow from       
  operating activities                 (389)         (51)            285
__________________________________________________________________________    
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Notes

                                    Half Year     Half Year       Year to
                                        to            to        31 December
                                   30 June 1999  30 June 1998       1998
                                        £m            £m             £m
1. Analysis by business segment                            
   Group turnover                                          
   Aerospace                          1,716          1,601          3,476
   Industrial                           388            389            850
__________________________________________________________________________
                                      2,104          1,990          4,326
   Discontinued operations                -            109            170
__________________________________________________________________________
                                      2,104          2,099          4,496
__________________________________________________________________________    
                 
   Trading profit *                  
   Aerospace                            266            199           442
   Industrial                            12             25            70
__________________________________________________________________________
                                                           
                                        278            224           512
__________________________________________________________________________
      *Trading profit is stated before net research and development
       and non operating items and after share of operating profit of 
       joint ventures.

   Profit before interest                                  
   Aerospace                           189             139          370
   Industrial                          (16)              8           35
__________________________________________________________________________
                                       173             147          405
   Discontinued operations               -              (3)         (63)
__________________________________________________________________________
                                       173             144          342
__________________________________________________________________________
                                                           
   Net assets/liabilities - 
    excluding net funds
   Aerospace                         1,702           1,115        1,036
   Industrial                          448             332          400
__________________________________________________________________________
                                     2,150           1,447        1,436
   Discontinued operations               -              75          (21)
__________________________________________________________________________
                                     2,150           1,522        1,415
__________________________________________________________________________    
                                     
__________________________________________________________________________
Discontinued operations include the 3 October 1998 disposal of
the Transmission and Distribution business in addition to
transactions relating to the 1996 withdrawal from large steam
power generation.
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Discontinued Operations
The 1998 profit and loss account comparative figures were as
follows:-
__________________________________________________________________________    

                                    Half Year     Half Year       Year to
                                        to            to        31 December
                                   30 June 1999  30 June 1998       1998
                                        £m            £m             £m

Group turnover                           -            109            170
Cost of sales and other operating               
  costs                                  -           (118)          (188)
Research and Development (net)                         (3)            (4)
Utilisation of provision for loss                          
  on sale/termination of businesses      -              9             12
__________________________________________________________________________    
Group operating loss                     -             (3)           (10)
Loss on sale of businesses               -              -            (53)
__________________________________________________________________________    
Profit (loss) before interest            -             (3)           (63)
__________________________________________________________________________    

                                                           

2.   Earnings per ordinary share
     
     Earnings per ordinary share are calculated by dividing
     the profit attributable to ordinary shareholders of £123
     million (1998 half year £107m, full year £258m) by 1505
     million (1998 half year, 1,493 million) ordinary shares,
     being the average number of ordinary shares in issue
     during the period, excluding own shares held under trust
     which have been treated as if they been cancelled.
     
     Adjusted earnings per ordinary share, before exceptional
     and non-operating items, have been calculated as follows.
     They are presented to show the underlying earnings by
     excluding the effects of exceptional and non-operating
     items.  Exceptional and non-operating items had no effect
     on 1998 first half figures.

                                      Half Year       Year
                                         to            to
                                       30 June     31 December
                                        1999          1998
                                         £m            £m
                                     Pence  £m     Pence   £m
                                                 
     Profit attributable to          
       ordinary shareholders          8.17  123    17.25  258
     Exclude exceptional and non-                        
       operating items:
      Net loss on sale of businesses  0.27    4     2.67   40
      Profit from the sale to BMW                        
        of the automotive trademark                                        
         registration of the 
          Rolls-Royce name            -       -    (2.67) (40)
      Profit on sale of fixed        
        assets                       (0.53)  (8)   (0.61)  (9)
                             
     Related tax effect               -       -     0.27    4
__________________________________________________________________________    
     Earnings per ordinary share                         
       before exceptional and    
        non-operating items           7.91  119    16.91  253
__________________________________________________________________________    
                                                         
     Diluted earnings per ordinary share, after exceptional
     and non-operating items, are calculated by dividing the
     profit attributable to ordinary shareholders of £123m
     (1998 half year £107m, full year £258m) by 1,520 million
     (1998 half year 1,506 million, full year 1,509 million)
     ordinary shares, being 1,505 million (1998 half year
     1,493 million, full year 1,496 million) as above adjusted
     by the bonus element of existing share option of 
     15 million (1998 half year 13 million, full year 13 million).

3.   Group Employees at the period end

                                      30 June    30 June   31 December
                                       1999       1998       1998    
                                     Number     Number       Number
     Aerospace                       29,600     29,100       30,000
     Industrial                       9,700     13,700       10,300
__________________________________________________________________________
                                     39,300     42,800       40,300
__________________________________________________________________________
                                                           
4.   Preparation of interim financial statements

     The results for each half-year are unaudited.  The
     comparative figures for the year to 31 December 1998 have
     been abridged from the Group's financial statements for
     that year, which have been delivered to the Registrar of
     Companies.  The auditors have reported on those financial
     statements; their report was unqualified and did not
     contain a statement under S23(2) or (3) of the Companies
     Act 1985.
     
     The interim financial statements for the six months ended
     30 June 1999 were approved by the Board on 25 August
     1999.