H1 highlights
· Reported revenue up 12% at constant exchange rates; 17% at actual exchange rates
· Reported profit before tax of £1,941m (2016 loss: £2,150m)
· Underlying revenue up 6% at constant exchange rates, led by Civil Aerospace and Power Systems
· Underlying profit before tax of £287m, up £183m (2016: £104m)
· Good profit growth in Civil Aerospace and Power Systems with Defence remaining steady; Marine continues to face challenging offshore oil and gas markets
· First half commercial and administration costs down £38m or 7%
· First half R&D spend increased to £411m (2016: £378m), underpinning key growth opportunities
· Free cash flow performance solid with a steady operating performance, helped by effective working capital management
· Interim payment to shareholders unchanged at 4.60 pence per share
Looking forward
· Outlook for full year 2017 unchanged
