Rolls to unveil record loss amid corruption scandal
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Analysts say the post-Brexit plunge in the pound will force it to write down earnings by £3bn-£3.5bn when it posts its annual results tomorrow.
A big provision for the corruption case brought against it by the Serious Fraud Office and authorities in America and Brazil is also expected to be taken.
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Hide AdThe investigation unearthed “systemic” bribery and corruption at Rolls-Royce from 1989 to 2013. The headline loss, alongside underlying profits expected to have halved to £687m in 2016 from £1.4bn in 2015, will be the biggest in the Footsie-quoted giant’s 133-year history. Revenues of £13.5bn are forecast.
Rolls-Royce chief executive Warren East took the helm 18 months ago following a flurry of profits warnings.