Rolls-Royce Group has released its results for H1 2014, indicating a slight decline in revenue.
The OEM reports a current order book worth £70.4bn which is a decline of 2%. Underlying revenue was $6.8bn, a decline of 7%.
Underlying pre-tax profit was down 20% at £644 million, while reported pre-tax profit is £717 million.
Rolls-Royce also announced the sale of the Energy business to Siemens, the completion of which is expected by the end of 2014. A £1bn share buyback is conditional on the sale’s completion.
The company also agreed the acquisition of Daimler’s 50% ownership of Power Systems, and agreed a payment to shareholders of 9 pence per share, which is an increase of 5%.