|FY Review - £ million||2011||2010||Change|
|Underlying OE revenue||1,322||1,719||-23%|
|Underlying services revenue||949||872||+9%|
|Underlying profit before financing||323||332||-3%|
The order book declined by eight per cent. However new order intake during the year improved by 15 per cent to £2.1bn providing some evidence of recovering demand. Significant systems and equipment orders during the period included:
Revenue declined by 12 per cent due to a 23 per cent decline in OE revenue that was partially offset by a nine per cent improvement in service revenue. The recovery in OE that had been expected in the second half of the year did not materialise as customer investment decisions were deferred. The improved service revenue was driven by the expansion of our network of marine supply centres and the growth of our installed fleet.
Profit declined by three per cent relative to a fall in revenue of 12 per cent reflecting an improved revenue mix and an increased focus on costs and operational performance.