Rolls-Royce swings to £1.6bn profit with cost cuts ‘well under way’

Engine-maker says it has made £150m of its £400m to £500m savings target, with up to 2,500 jobs to go

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The British engine-maker Rolls-Royce has said cost-cutting plans that will result in it axing up to 2,500 jobs by the end of next year are “well under way”, as it swung to a £1.6bn underlying operating profit for 2023.

The aerospace engineering specialist reported the statutory pre-tax profits for 2023 against losses of £1.5bn in 2022, helped by cost savings and better-than-expected revenues.