|H1 12|| H1 11|| Change|
|Order book (£bn)||49.4||47.3*||+4%|
|Underlying revenue (£m)||3,034||2,604||+17%|
|Underlying OE revenue (£m)||1,314 ||1,047 ||+26%|
|Underlying services revenue (£m)||1,720 ||1,557 ||+10%|
|Underlying profit before financing (£m)||310||250||+24%|
* Restated 2011 year-end data excluding IAE order book of £4.6bn
- New orders of £6.0bn (£6.5bn in H1 2011) resulted in a four per cent increase in the order book. We continue to grow our wide-body market share with Trent engines making up around 70 per cent of our order book of almost 3,300 engines. We remain committed to the mid-size market both as a supplier to IAE and via our planned new joint venture with the IAE partners to develop the next generation of engines for this market segment. Our continued success in the corporate market is being driven by primarily by the success of our BR700 series of engines for large cabin Gulfstream and Bombardier aircraft. Significant orders in the period included:
- Trent 700 engines and TotalCare support for a total of 44 Airbus A330s for China Eastern, Synergy, Garuda Indonesia, Air Pacific and Etihad.
- Trent 1000 engines and TotalCare support for five Boeing 787s for Avianca and Air New Zealand.
- Trent XWB engines and TotalCare support for six A350s for Cathay Pacific.
- Revenue increased by 17 per cent. There was a 26 per cent growth in OE revenue, primarily reflecting higher deliveries of Trent and corporate engines. Services revenue grew by ten per cent consistent with growth in the installed base of thrust.
- Profit increased by 24 per cent due to increased OE volume, better OE mix, services growth and unit cost improvements. This growth was tempered by a higher R&D charge to higher spend and lower capitalisation related to major new programme activity, and lower entry fees related to the Trent XWB.
- The Trent XWB engine took to the skies for the first time, powering an Airbus A380 test aircraft, and completed over 70 hours and over 20 flights. The Trent XWB is the world’s most efficient large jet engine and is the fastest-selling Trent engine ever, with orders for more than 1,100 engines already received.
- Trent 1000 engines have now powered more than 4,500 flights on ten Boeing 787s with Japanese airline ANA.