Engines giant Rolls-Royce stuck by its hope for growth this year after half-year figures showed an 11 per cent increase in underlying profits.
The company, which has waged an aggressive campaign on costs, said the profits figure of £115 million reflected six months of "steady progress".
Restructuring has seen the group's headcount reduced by 1,100 to 36,200, while Rolls has also benefited from healthy demand for post-sale services.
Growth in the aftermarket, which including parts and servicing, offset a 14 per cent fall in engine deliveries as tough conditions hit demand in civil aerospace.
However, Rolls said its order book was at a record level of £17.6 billion and that it felt able to repeat earlier guidance for profits growth this year.
The group faced a £1.1 billion shortfall at the end of last year.
Friday August 1, 2003
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