Rolls-Royce profits were slashed by 57% in the first half of the year

Rolls Royce profits have been absolutely crushed over the last year.

The car and engine manufacturer has just released its Q2 results, and profits have dropped by 57% in the first half, compared to the same time last year.

Here are the important details:

• Revenue actually rose by 2% to £6.37 billion ($9.94 billion).

• But profits got crushed, falling from £713 million ($1.11 billion) in the first half of 2014 to just £310 million ($483.62 million) in the six months to June 30.

• Underlying profit, before tax, is down to £439 million ($684.87 million). That's not quite as bad as the headline figure, but it's still a 32% decline.

The firm had already warned that profits would be much lower, senting the share price tumbling earlier this month.

CEO Warren East put the financial performance down to transitioning to newer and more fuel-efficient engines. He said:

"While these create a profit headwind in the near term, it is critical we successfully deliver our product launches, complete our supply chain transformation and sustain investment in our businesses to strengthen their competitive positions."

We'll update you to see how Rolls Royce is doing once markets open.