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Engineering firm Rolls-Royce swung into loss in the year to 31 December 2018.
It made a pre-tax loss of £2.39bn, down from a pre-tax profit of £3.67bn the previous year.
It made revenues of £15.72bn up from £14.74bn.
Rolls-Royce said it had withdrawn from a competition to power Boeing's planned mid-market aircraft because it could not meet the timetable.
It also said it had increased the charge it had taken on fixing problems with its Trent 1000 engines to £790m from £554m.
Chief executive Warren East, said: "Despite the challenges we faced on Trent 1000 in-service issues, solid progress has been made realising our ambition to make 2018 a breakthrough year, both strategically and financially.
"Underlying financial results are ahead of expectations, with good growth in profit and cash flow. Following the restructuring we announced in June last year we are starting to see the crucial behavioural changes needed to sustain our momentum."
Last summer Rolls-Royce announced it was cutting 4,600 jobs over the next two years as part of a major reorganisation.
The company is refocusing its business on civil aerospace, defence and power systems.
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