Financial performance measures as defined by the Group1
- Order backlog of £47.4bn has reduced marginally over the first half of the year with trading on multi-year, long-term contracts in Air partly offset by further growth in the US businesses.
- Sales increased by 4% on a constant currency basis6 to £9.4bn.
- Underlying EBITA of £999m increased by 9% on a constant currency basis6 and excluding the estimated impact of IFRS 16.
- Underlying earnings per share increased by 11% to 21.9p, excluding the one-off tax benefit. The Group's underlying effective tax rate (excluding the one-off tax benefit) for the first half of the year was 17%, consistent with the prior year.
- Operating business cash outflow of £309m.
- Net debt at £1.9bn (£904m at 31 December 2018).
And later;
Pension and dividend
- The Group's share of the pre-tax accounting net pension deficit increased to £4.3bn (31 December 2018 £3.9bn). The funding position is currently estimated to be approximately £2.0bn lower than the accounting position.
- Interim dividend increased by 4.4% to 9.4p per share.
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