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Wearside jobs could be under threat

Rolls-Royce has signalled more job cuts, despite pre-tax profits hitting nearly 5 billion pounds last year.

The engine maker, who have a site in Washington, has announced its hired advisers to help with plans to cut costs "significantly" and simplifying the staffing structure.

The firm's recent profit haul follows record losses in 2016.

Commenting on the results, Warren East, Chief Executive, said:

“Rolls-Royce made good progress in 2017. Financial results were ahead of our expectations and we achieved a number of important operational and technological milestones, but were impacted by the increasing cost and challenge of managing significant in-service engine issues."

"The business unit simplification and restructuring programme that we announced this January will drive further rationalisation and is a fundamental step in the journey started two years ago to bring Rolls-Royce closer to its full potential both operationally and financially."

"We are encouraged by the improving financial performance in 2017 with growing revenues contributing to improved profitability and cash generation. Looking forward, sustaining this improvement and delivering increasing cash flow generation will strengthen our position as one of the world’s leading industrial technology companies.”