In what is a challenging period for the industry, we are well positioned. We remain committed to our strategy of focusing on our core business, delivering organic growth and reducing capital intensity.
We have secured US$2.7 billion of new orders in the year to date, evidence of our continued competitiveness in markets that remain challenging. Tendering activity remains high, but competitive. We are well positioned on a number of bids and have a healthy order backlog that provides good revenue visibility for the medium-term.
We are taking a range of measures to deliver a sustainable reduction in net debt and strengthen our balance sheet. These include a relentless focus on operational excellence, reducing capital investment, rebasing our dividend and divesting non-core assets.
|1H 2017||1H 2016||2016||2015||2014||2013|
|Revenue (US$ million)||3,126||3,888||7,873||6,844||6,241||6,329|
|Backlog (US$ billion)||12.5||17.4||14.3||20.7||18.9||15.0|
|EBITDA (US$ million)||323||362||704||312||935||1,031|
|Earnings per share (diluted) (cents)2||46.06||48.10||93.3||2.65||168.99||189.10|
|Net profit (US$ million)1
|Return on capital employed3||15%||12%||17%||3%||18%||28%|
1 Business Performance before exceptional items and certain re-measurements
2 Diluted earnings per share
3 EBITA for the 12 months ended 30 June 2017 divided by average capital employed (total equity and non-current liabilities) adjusted for gross-up of finance lease creditors
We have made a positive start to the year, delivering solid first half results that reflect good project execution and lower revenues. We have secured US$2.7 billion of new orders in the year to date, evidence of our continued competitiveness in challenging markets.
Ayman Asfari, Group Chief Executive