The engineering firm Rolls-Royce has warned of the impact falling oil prices could have on its customers while confirming its first fall in annual revenues for a decade.
The company, which announced plans in November to cut 2,600 jobs, has been hit by defence spending cuts, global economic uncertainty and falling commodity prices.
It reported a 6% drop in underlying revenues to £14.6bn for 2014 and said underlying profits were 8% lower at £1.62bn.
The company, which has major bases in Bristol and Derby, said it expected 2015 to be tougher than expected as the recent slide in oil prices - by more than 50% - had resulted in "increasing uncertainty" for many of its customers.
The announcement represented the second downgrade on its expectations for the year in four months - with profits for 2015 now expected to be in the range of £1.4bn to £1.55bn.
That represents a 14% drop on its previous guidance.
Chief executive John Rishton said: "2014 has been a mixed year during which underlying revenue fell for the first time in a decade, reflecting reduced spending by our defence customers, macroeconomic uncertainty, and falling commodity prices."
Rolls, the world's second-largest maker of aircraft engines after US group General Electric said it was seeing lower demand for the turbine engine-based power systems and associated services which it sells to oil and gas companies.
Demand for the engine equipment used in power generation, construction and mining projects had also been hit, the company said.
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