Underlying profit before financing for Rolls-Royce’s marine business fell by 94% in 2015, hit by the weak offshore market.
Rolls-Royce said its marine business reported an underlying profit before financing of GBP15m last year compared to GBP138m in 2014. Revenues were down 16% year-on-year at GBP1.32bn in 2015.
At the end of 2015 its marine orderbook stood at GBP1.1bn, 10% of Rolls-Royce’s total orders.
The company said the outlook for 2016 was “challenging” led by reduced demand in oil and gas markets.
Overall group underlying profit before tax was down 11% at GBP1.49bn.