(Bloomberg) -- Rolls-Royce Holdings Plc shares fell after new engine deliveries and maintenance visits came in at the low end of the expected range, even as a recovery in long-haul flying will help the UK group meet financial forecasts.

The company’s commercial engines, which power large aircraft such as the Airbus SE A350 and A330 and the Boeing Co. 787, were flying at 65% of 2019 levels in the four months through October, driven by a rebound in the US and Europe, according to a statement Thursday.

The shares fell as much as 5% in early trade in London. They are down about 35% this year, and have lost two-thirds of their value compared with this time in 2019, before the coronavirus crisis upended the firm’s core business.

Rolls-Royce is in the midst of a leadership transition with outgoing Chief Executive Officer Warren East due to hand over to veteran oil executive Tufan Erginbilgic in January. The company was hard hit by the Covid-19 pandemic, when long-haul travel was largely grounded, depriving it of both new sales and revenue.

While supply-chain pressures have led to higher levels of inventory, the company does not expect this to affect an ability to meet the full-year financial guidance. Rolls also had a record order intake in the power-systems business.

In August, Rolls-Royce reiterated a financial target of low-to-mid-single digit underlying revenue growth, an unchanged operating margin and modestly positive free cash flow this year, weighted toward the second half.

The group agreed to a 6.5% wage increase for its workers with an additional £1,500 payment to UK represented staff in response to rising inflation. 

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