A recovery in air travel in Europe and the Americas meant large engine flying hours in the four months to May were 42% higher than last year. As expected, Rolls-Royce Holding PLC (LON:RR)’s operating margins in Defence will be lower reflecting a changing mix of products and increased investment. Power Systems cash conversion is also expected to be weaker, as previously guided, due to changes in inventory management to cope with supply chain issues. Q1 2022 hedge fund letters, conferences and more The sale of ITP Aero is expected to complete in the first half of this year, and should generate a…