Aircraft engine manufacturer Rolls-Royce has revealed that more than 5,500 roles will be eliminated by the end of this year.

The figure is more than the initial expectation of more than 5,000 job cuts. The company said that a significant proportion of the reduction has been achieved through voluntary severance.

The company has set a target reduction of at least 9,000 roles by the end of 2022, as part of a major reorganisation programme to protect its business.

These details and many more were revealed in its trading update for the 11-month period to end November.

The reorganisation programme aims to achieve £1.3bn pre-tax cost savings by 2022.

The company noted that it is on track to deliver more than £1bn of in-year savings in 2020.

Rolls-Royce CEO Warren East said: “We have taken decisive actions to protect and reposition our business in difficult and uncertain trading conditions, including the impact from a second wave of Covid-19.

“We have made rapid progress on our restructuring programme, and the consolidation and reorganisation of our civil aerospace footprint are well underway.

“Our £5bn recapitalisation package in November was well-supported and has increased our resilience and strengthened our balance sheet.

“The outlook remains challenging, and the pace and timing of the recovery are uncertain.”

Additionally, Rolls-Royce is planning to initiate the sale process of its ITP Aero business.

The move is part of the company’s plan to generate nearly £2bn from disposals.

Earlier this month, Rolls-Royce proposed certain actions to strengthen the position of its ITP Aero business as a major global aerospace company.