Rolls-Royce pulls belt tighter

Rolls-Royce has raised its cost-saving targets to the top end of its range to cut between £150 million and £200m from its budget.

The aero engine maker said demand for its engines for extra-wide body aircraft had stayed strong.

Rolls-Royce was losing ground in business aviation, while problems in offshore oil and gas markets meant its marine orders were “very weak”.

The group maintained its outlook for lower revenues as well as profits this year, and chief executive Warren East said it was facing a challenging period.