Rolls-Royce said performance has been in line with expectations after dealing with a year of the pandemic.

The engineering giant, which has a base in Gloucester, said it remained committed to net zero targets with chief executive Warren East telling the annual general meeting measures taking throughout the pandemic had been successful.

In a statement he said: "We faced unprecedented challenges in 2020 with events that were beyond our control.

"We acted quickly and decisively by putting in place the measures necessary to protect our people and our business."

He continued: "Looking ahead, we are confident that the significant restructuring actions we have taken in 2020 will deliver permanent cost reductions, positioning us well for the rebound in international air travel.

"We are committed to our net zero targets and seizing the opportunity of supporting the transition in our end markets to low carbon and net zero carbon solutions."

In the first four months of 2021, large engine flying hours were around 40 per cent of 2019 levels supported by demand for cargo flights and the maintenance of key routes.