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Rolls-Royce slumped to the bottom of the FTSE 100 on Tuesday morning after the aero engine maker reported the biggest loss in its history.

Underlying revenues and profits at the group were better than expected and it promised a “modest performance improvement” over the coming year.

However, a headline loss of £4.6bn, and little sign of an imminent increase in its dividend, helped send shares down 2.7 per cent at publication time, to 719p.

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