UK-based global major propulsion and power group Rolls-Royce on Thursday reported “significantly improved” results for the first half of this year (1H23), in year-on-year terms. This better performance was led by its civil aerospace and defence businesses and also reflected the success of the group’s transformation programme. As a result, Rolls-Royce was, in late July, able to upgrade its guidance for its performance for this year and was now forecasting an underlying operating profit of £1.2-billion to £1.4-billion, and a free cash flow of £0.9-billion to £1-billion, for 2023. “Our multi-year transformation programme has started well with progress already evident in our strong initial results and increased full year guidance for 2023,” affirmed Rolls-Royce CEO Tufan Erginbilgic. “There is much more to do to deliver better performance and to transform Rolls-Royce into a high-performing, competitive, resilient, and growing business.”