Rolls-Royce reported £4.5bn loss

Rolls-Royce, the engineering giant and jet engine maker reported a loss before tax of £4.5bn for 2016. Rolls-Royce has agreed to pay £671m to settle corruption and bribery cases with the UK, the US and Brazilian authorities and it has written off £4.4bn from currency related contracts

As aerospace deals are done in dollars the company was hit hard by the post-Brexit vote crash of the pound.

Mr Warren East Chief Executive who took over the struggling company in 2015, “ We must ensure our wide-ranging business transformation programme delivers the full benefits expected not only in terms of cost savings but also the cultural and behavioural changes necessary to ensure the transformation is sustained and high standards of business conduct are maintained.”

Rolls-Royce has apologised “unreservedly” for the corruption cases which spanned the last 25 years and involved illegally using the local middleman and paying bribes to win deals in Indonesia, Thailand. Russia and China.