Revenues from the civil aviation markets increased 3.7% (at constant exchange rates). The Group had strong growth in North America and France, notably related to the new narrow body programmes. In the UK, however, demand was down 4.4% as a result of continued weakness in customer production rates. Revenues in the defence sector saw some improvement and were 0.6% ahead of the same period last year (at constant exchange rates).

As expected after a very strong first quarter in the energy sector, driven by some large shipments from the Hot Isostatic Pressing Product Fabrication (HIP PF) business, the effect of the substantial slow-down in the oil & gas market was felt in the second quarter. This resulted in a significant decline in demand for Heat Treatment and Surface Technology services. The impact was lessened by robust subsea revenues in HIP PF and a stable situation in the industrial gas turbine and power generation markets. In total, revenue in the energy sectors was down 13.6% (at constant exchange rates) compared to the first six months of 2014.

Demand from the car & light truck sector was buoyant in all geographies which, together with a number of programme wins, helped drive solid growth. Revenue growth was 7.5% (at constant exchange rates) when compared to the first half of last year.

Revenue performance in the heavy truck market was mixed, held back by some specific programme changes in Western Europe. Overall revenues in the heavy truck sector were down 6.1% year on year (at constant exchange rates).

There has been some softness in demand from general industrial customers in North America and Western Europe. This is considered to be largely a second-order effect arising from the substantial fall in oil prices and other commodity price weakness. The impact has been felt most in demand for a variety of industrial machinery, particularly for agricultural equipment.

Growth in the emerging markets, excluding Brazil, was generally good, due to increasing revenues from the automotive and general industrial sectors. Overall, Group revenues in these territories were up 5.5% (at constant exchange rates).