Jet engine maker Rolls-Royce has returned to profit thanks to the return of long-haul travel and the cost-cutting efforts of new chief executive Tufan Erginbilgic.

The Derby-based engineer posted profits of £524m for the first half of the year, up from a £111m loss for the same period in 2022.

This comes less than a year after Mr Erginbilgic took over at the firm, which he described as a ‘burning platform’ shortly after his appointment in January.

Mr Erginbilgic has reportedly been described as “ruthless” by former colleagues for his managerial style and approach to cost-cutting.

He has since embarked on a shake-up to revive its fortunes, which has included shutting down certain parts of the business.

However, Mr Erginbilgic has also benefited from a bounceback in international travel as Rolls-Royce has been able to charge higher prices for its engines, which has sparked an increase in revenues to £6.95bn.

The company charges customers per hour of flight using its engines.

Hours were up 36pc to 83pc of pre-pandemic levels, and in spite of high inflation, costs have been kept down.

Erginbilgic said: “Better profit and cash generation reflect greater productivity, efficiency and improved commercial outcomes. We have tightly managed our cost base to offset inflationary cost pressures.”

The company slashed its debt by £500m to £2.8bn, which should help it towards regaining a better credit rating.

It also benefited from an increase in defence orders.

Rolls-Royce provides power and propulsion for the UK’s nuclear-powered submarines and has also been chosen to supply the reactors for Australia’s vessels from the early 2040s.