HispanicBusiness

Engine-maker Rolls-Royce yesterday appointed BP director Ian Davis chairman as it steps up its response to bribery and corruption allegations. Mr Davis - formerly chairman of management consultancy McKinsey &Co and whose position at BP has seen him closely involved in the group's Gulf of Mexico oil spill crisis - will take over on May 2 when Sir Simon Robertson steps down after eight years.

Rolls said Mr Davis would bring a "terrific background and experience" to the group, which revealed in December it was being investigated over bribery allegations relating to its business dealings with overseas customers.

It confirmed veteran lawyer Lord Gold had in the past two weeks begun reviewing the company's compliance procedures in the wake of the claims being investigated by the Serious Fraud Office (SFO), but gave no update on the probe except to say the investigation was ongoing. In annual results also unveiled yesterday, Rolls posted its tenth year in a row of rising underlying profits, up 24% to Pounds 1.4bn.

The group, which has major sites at Derby and Bristol and employs around 45,000 people worldwide, saw underlying revenues rise 8% to Pounds 12.2bn and said it expects "good growth" in profits over the year ahead.

The group's results show strong demand for its Trent aircraft engines helped its order book rise 4% to Pounds 60.1bn in 2012.

It also added Pounds 16.1bn worth of new contracts.