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The engine maker reported underlying operating profit of 125 million pounds ($152 million) in the first half of the year, compared with 307 million pounds a year earlier, on underlying revenue of 5.31 billion pounds.
Rolls-Royce Chief Executive Warren East, who will be succeeded by ex-BP executive Tufan Erginbilgic at the end of the year, said the company had “progressed well” in the half, with an improvement in free cash flow of more than 1 billion pounds and strong order intake in its power systems business.
“We are actively managing the impacts of a number of challenges, including rising inflation and ongoing supply chain disruption, with a sharper focus on pricing, productivity and costs,” he said in a statement.
The company said its large engines under long-term service agreements flew 4.5 million hours in the period, up 43% year-over-year, but still only about 60% of pre-pandemic levels in 2019.
($1 = 0.8231 pounds)
