Warren East, Chief Executive, said: "Despite the disappointment of our recent update, our second half outlook remains positive and full-year guidance for revenue, profit and cash issued on July 6th remains unchanged. The continued growth in our order book demonstrates the long-term demand for our innovative products and services, and underpins my confidence in the fundamental strength of our business."
Group Highlights
Order book up £2.8bn to £76.5bn
Underlying revenue down 3% to £6.3bn (H1 2014: £6.5bn)
Underlying profit before tax down 32% to £439m (H1 2014: £646m)
Return on sales down 3.2 percentage points to 7.3%, largely reflecting 2015 revenue mix and a higher R&D charge
Payment to shareholders of 9.27p per share, up 3%
Aerospace
Secured the largest ever order to provide Trent 900 engines and TotalCare® service support to Emirates, helping grow the Civil Aerospace order book to £66.4bn, up 5% on 2014 year end
Underlying revenue up 2% to £4.3bn (H1 2014: £4.2bn)
Underlying profit before financing charges and tax down 27% to £432m (H1 2014: £593m)
Lower demand for Airbus A330ceo creates H2 2015 and 2016 headwinds for Trent 700 deliveries
Land & Sea
Improved second quarter performance from Power Systems offset weaker start to the year while weaker Marine held back overall results
Underlying revenue down 12% to £2.0bn (H1 2014: £2.3bn)
Underlying profit before financing charges and tax down 56% to £48m (H1 2014: £109m)
Weakness in offshore markets expected to hold back full year 2015 and 2016 Marine performance
