Rolls-Royce posts record profits as chairman steps down Underlying pre-tax profits for 2012 at the FTSE-100 manufacturer rose for the tenth consecutive year on revenues 8pc higher at £12.2bn, led by strong demand for more fuel-efficient engines from Boeing and Airbus. Rolls' full-year results were accompanied by confirmation Sir Simon will be replaced as chairman by Ian Davis, a non-executive director at BP and the former chairman and managing director of McKinsey, following the company's annual meeting in May. "In 2013, we expect modest growth in underlying revenue and good growth in underlying profit with cash flow around break even as we continue to invest for the future," said John Rishton, chief executive. The company, whose website says a Rolls-Royce powered aircraft takes off or lands every 2.5 seconds, said its order book rose 4pc to £60.1bn and that its prospects were good. Mr Rishton said he expected no impact from the grounding of Dreamliner aircraft made by Boeing - one of its major customers - as production was continuing and he was confident the airline would resolve issues with its latest model.