The upbeat outlook is a vindication for Chief Executive Officer Tufan Erginbilgic, who is in the middle of an extensive turnaround after calling the prime UK manufacturer a “burning platform” shortly after taking over at the start of the year.

The company, which primarily makes engines for widebody jets that connect long-haul destinations, saw demand wiped out at the height of the pandemic when airlines were forced to ground fleets amid travel restrictions and quarantines. 

“Better profit and cash generation reflects greater productivity, efficiency and improved commercial outcomes,” Erginbilgic said in the statement. “Despite a challenging external environment, notably supply chain constraints, we are starting to see the early impact of our transformation in all our divisions.”

Eoin Treacy's view

The reason we see conflicting signs of both economic strength and weakness in the global economy is mostly likely because of changing consumption patterns. Consumers have curtailed everyday spending but are still willing to splurge on special occasions. That helps to explain why see declining used car prices at the same time as fans of Taylor Swift are splurging on tickets and demand for summer travel is high. That’s a reflection of how consumers deal with the reality of inflation. They make cuts where they can but are willing to spoil themselves to ensure they can have a feeling on an undiminished living standard.