AEROSPACE giant Rolls Royce have announced a record loss of more than £4.6 billion before tax for 2016.

The company, who currently employ around 2,800 people at their site in Filton, suffered last year after being hit with a multi-million pound fine from a bribery scandal, as well as the impact of Brexit.

A £671million payout was made to UK and US authorities following a series of corruption cases in China, India and other countries last year.

Further problems were experienced by the multi-national company when the EU Referendum result hit.

With the majority of aerospace contracts costed in US dollars, the company’s policy to cost in British pounds, in case of a fall in the American currency, proved costly.

Figures released today by the jet engine maker show that within the £4.64bn loss, underlying profits saw a fall from £1.4 billion, in 2015, to £813million in 2016.

Rolls Royce chief executive Warren East, who has recently introduced a new leadership team around him, said it was time for the company “to look further ahead”.

He said: “We have delivered major changes to our management and processes and, while we have made good progress in our cost cutting and efficiency programmes, more needs to be done to ensure we drive sustainable margin improvements within the business.

“Over the next few months we will conclude our review of our strengths and investment opportunities and set out an appropriate vision for the business and the best way we can deliver sustainable shareholder value.”

Mr East added that in the meantime, they would continue to focus on “key milestones”.

“We must ensure our wide ranging business transformation programme delivers the full benefits expected,” he said.

“Not only in terms of cost savings but also the cultural and behavioural changes necessary to ensure the transformation is sustained and high standards of business conduct are maintained.

“These are essential if we are to become a more trusted, resilient company.”