British aero engine maker Rolls-Royce posted a record reported loss of £4.6 billion (€5.3bn) on Tuesday, reflecting a fine to settle bribery charges and the collapse in the pound which hit its hedging position.

On an underlying basis, profit fell by 49 per cent to £813 million, soundly beating market expectations on revenue 2 per cent lower at £13.78 billion. The company said it expected “modest performance improvements” this year.

– Reuters