Rolls-Royce has reported underlying revenues up 4% to £5.31bn, which were boosted by a market recovery in its power systems business and an improvement in civil aerospace. The company said that it had cut its cash burn by £1.1bn to £68mn compared to the prior-year period but despite this, the expected underlying operating profit of £125million was lower than expected, down from £307million a year earlier. The £1.1bn free cash flow improvement was due to “commercial discipline and increased flying hours”, said Rolls-Royce, which added that even though underlying profit margins were lower in the first half, they are expected

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