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Shares in BBA Aviation dropped almost 5 per cent on Wednesday morning after a series of writedowns drove the FTSE 250 group to a loss in its full-year results.

The company reported a total pre-tax loss of £164.6m for 2016, after it took a series of non-cash writedowns on the value of some of its business units.

The loss helped send shares down 4.4 per cent by publication time, despite BBA’s underlying results coming in ahead of expectations.

Continuing revenues, which exclude contributions from discontinued operations, rose 25 per cent to £2.2bn. Underlying continuing pre-tax profits jumped 60 per cent to $238.7m, ahead of consensus estimates of around $228m. Profits were boosted by the $2bn acquisition of rival Landmark Aviation in late 2015.

Simon Pryce, BBA chief executive, said:

2016 was a transformational year for BBA Aviation. Effective execution of our strategy and continued operational delivery has significantly repositioned the group and materially enhanced its growth prospects and value creation potential.

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