Jet engine maker Safran has raised profit and cashflow forecasts after its core income soared in the first half.

The French aerospace supplier, which employs over 900 people in Gloucestershire, said the rise in income was led by demand for spare parts and aftermarket services as airlines boost flights to meet a recovery in travel demand.

Recurring operating income rose 33% to 1.397 billion euros ($1.55 billion) and revenues rose 26% to 10.945 billion on a like-for-like basis in the first six months.

The group said it was now targeting full-year recurring operating income of 3.1 billion euros versus 3.0 billion previously, and 2.7 billion euros in free cashflow compared with a previous target of 2.5 billion.

Safran also said it was launching a 1-billion-euro share buyback to be completed by the end of 2025.

Its widely watched civil aftermarket revenues rose 36.5% in dollar terms, driven by strong parts sales for the CFM56, the previous generation of narrow-body jet engines that Safran co-produces with GE through their joint venture CFM.

Deliveries of the current-generation LEAP engines, used on all Boeing 737 MAX jets and about half of Airbus's A320neo fleet, rose 69% to 785 units.

Safran CEO Olivier Andriès said: "Since the start of this year, many new orders have been announced and narrowbody air traffic is now trending above its 2019 level, fuelling a strong demand for spare parts and aftermarket services.

"In this dynamic commercial environment, Safran is fully focused on the production ramp up. We are on track to meet our delivery commitments despite continuing industry-wide supply chain challenges. In the light of a strong performance in H1, we are raising our profit and cash guidance for the year.

"In line with its strategy, Safran demonstrates its ability to shape its portfolio of activities through targeted acquisitions, while investing in organic growth and ensuring an attractive return to shareholders."

Last month, Punchline reported that Safran had announced the contemplated acquisition of Collins Aerospace's high-technology actuation and flight control activities.