Marks & Spencer has told analysts that "progress is behind schedule" for the turnaround of its ailing clothing and home business.

Executives at the high street giant expressed disappointment that significantly more action needs to take place in its long-suffering clothing and home division to get it back on track, at the company's capital markets day on Tuesday.

However, shares in the company lifted as analysts were largely positive about the frank assessment of the company, which also highlighted a number of "green shoots" in the digital and food arms.

The company updated investors and brokers on Tuesday over the progress of its transformation programme, which has taken place since the start of the year under the leadership of Steve Rowe.

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Mr Rowe told attendees that the company remains focused on "restoring the basics" and will not rush the retailer's transformation programme.

Analysts told PA that they expect it to take until around 2022 or 2023 before the full cultural shift at the firm takes shape.

Victoria McKenzie Gould, communications director at M&S, said it was working hard to restore its store voice.

Clive Black, analyst at Shore Capital, said: "There was a sense of optimism among management, but also a recognition that there is a lot more to do.

"While they highlighted issues in clothing, there were clearly green shoots in digital and in food."

Shares in the company jumped 2% to 188.2p on Tuesday

Rolls-Royce has completed its acquisition of Siemens' electric aerospace arm as it looks to boost the firm's green credentials.

Rolls-Royce saw shares dip after it completed the takeover, for an undisclosed sum, of the former eAircraft business following an employee consultation.

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The deal, which was first announced in June, will see Rolls-Royce take control of the German firm's former electric and hybrid-electric propulsion arm.

The business, based in Germany and Hungary, employs around 180 specialist electrical designers and engineers who will be kept on at the current sites.

Shares in Rolls-Royce moved 2.1% lower to 775.4p.

Greggs has hailed "very strong" trading in the third quarter but warned that Brexit will put pressure on food and labour costs.

Shares in the high street baker slipped after it also told investors that it expected fewer shop openings by the end of the year than previously forecast.

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Like-for-like sales at the retailer rose 7.4% in the 13 weeks to September 28, although this represented a slowdown from the first half of the year.

It said like-for-like sales for the year so far increased by 9.4% as it was boosted by its new autumn menu and offers.

Total sales, which increased by 13.9% in the year so far, were buoyed by 90 new store openings in 2019, while 34 sites were closed during the period.

It said it expected to have 90 net openings, after taking closures into account, by the end of the year, down from its previous forecast of 100 net openings.