On Tuesday, it also warned of a big cash outflow, blaming travel restrictions aimed at stopping the spread of new co vid 19 variants.

Rolls Royce now expect to cash out flow in the region of $2.7 billion for 2021 higher than current analyst estimates.

The outflow reflects lower flying hours, which determines how much it's paid by airlines using its engines.

Flying hours are expected to come in this year at about 55% of 2019 levels.

The firm's shares sank around 7% in morning trade on have lost 58% of value in the last 12 months.

Rolls Royce engines power, Boeing 78 Sevens and Airbus A three fifties.

To ride out the pandemic, it plans to sell assets worth £2 billion.