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magazineRolls-Royce’s big loss is no surprise
Shares in Rolls-Royce (RR.) fell earlier this week after posting the biggest loss in its history for 2016. We believe the market will soon focus on the future. The £4.6bn loss encompassed a £4.4bn hit from weak sterling and a £671m fine to settle bribery charges. Underlying profit at £813m was actually 18% ahead of expectations. Free cash flow of £100m is expected to be similar in 2017 with ‘modest’ improvements in performance.
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