Rolls-Royce has reported a record annual loss of £4.6bn after the engineering giant was hit by a combination of sterling weakening, huge fines for bribery charges, and tough conditions in some of its key markets.

The FTSE 100 giant has taken a £4.4bn write-down on the value of $38bn of investments intended to protect it against currency fluctuations, thanks to the plunge in the pound against the dollar since the vote for Brexit.

The £671m of fines Rolls agreed to pay after admitting decades of corrupt practices also dragged down its performance.