Rolls-Royce shares have surged 19% after the aerospace and defense firm raised its full-year profit guidance and predicted better-than-expected half-year results. The company now expects full-year Underlying Operating Profit between £1.2 billion ($1.55 billion) and £1.4 billion, up from previous guidance. The first-half underlying operating profit is anticipated to be just over double analyst expectations of £328 million. Rolls-Royce has been hit hard by the Covid-19 pandemic, but its cost-cutting and business transformation program has had an earlier positive impact than predicted. The company is confident in its transformation plans and expects improved performance and cash generation.

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