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Rolls-Royce Warns Defence Cuts To Take Toll On 2014 Revenues And Profits

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Rolls-Royce warned that revenue and profit would be flat in 2014 – its first year without growth for a decade – as defence cuts in major markets take their toll.

The engine maker said this year would see a "pause" in revenue and profit growth after a strong 2013 and that sales would pick up again the following year. Its shares tumbled more than 10% in early trading, wiping £2bn off its market capitalisation.

The chief executive, John Rishton, said: "This is a break in a 10-year trend that will be followed by more growth in 2015. In the last two years we have surprised on the upside in terms of defence performance.

"We have defied gravity for a couple of years compared with other defence companies and the impact of a couple of things is coming together in 2014."

Private company profits struggling because taxpayers cut back spending.

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