Rolls-Royce Chief Executive John Rishton said, "In 2014, we expect a pause in our revenue and profit growth, reflecting offsetting trends across the business. This is a pause, not a change in direction, and growth will resume in 2015. 2013 was a year of progress, in which our order book, underlying revenue and underlying profit all grew."
The news from the Derby and Bristol-based Rolls-Royce sent shares plunging more than 11 percent, ending a decade-long pattern of steady growth, the Buxton Advertiser reported Thursday.
Rolls-Royce also predicts a decline of between 15-20 percent in revenues from its defense aerospace business as well as lower revenues from its marine division, which will be offset by modest growth in Rolls-Royce's civil aerospace, which expanded its order book by 22 percent to $100.3 billion in 2013.
Rolls-Royce is the world's second largest provider of defense aero-engine products and services, with 18,000 engines used by 160 customers.
Ray Liotta sues skin care company over use of likeness
Millions of Getty images now available for free via embed tool