FACTBOX - Britain's biggest corporate losses

Thu Feb 26, 2009 9:28am GMT
 
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(Reuters) - Royal Bank of Scotland on Thursday reported a loss of 24.1 billion pounds for 2008, the biggest in UK corporate history.

Following are details of some of the biggest corporate losses in Britain, in descending order:

* ROYAL BANK OF SCOTLAND -- RBS said the record deficit reflected a 16.2 billion pound writedown against acquisitions, including its takeover of parts of Dutch rival ABN Amro in 2007, plus a further 7.9 billion pounds in operating losses. The group was originally founded in 1727.

* VODAFONE GROUP -- Mobile phone operator Vodafone announced a net loss of 21.8 billion pounds on May 30, 2006, largely on the back of previously disclosed write-offs related to past acquisitions.

-- Vodafone had also reported a 13.5 billion pound pre-tax loss on May 28, 2002.

* LLOYDS BANKING GROUP -- Part-nationalised Lloyds Banking Group said on February 13 its HBOS unit made a pretax loss of 8.5 billion pounds for 2008, driven by 7 billion pounds in bad corporate loans and 4 billion pounds in asset writedowns.

* CABLE & WIRELESS -- Telecoms group Cable & Wireless said on June 4, 2003 it plunged to a record 6.5 billion-pound annual loss. It also said it would cut 1,500 jobs, bail out of the U.S. and suspend its dividend for a year.

* MARCONI -- The Telecom equipment maker reported a first-half pre-tax loss of 5.12 billion pounds on November 13, 2001 as it slashed the value of assets it bought before its markets collapsed.

* LLOYD'S -- The Lloyd's of London insurance market announced losses of a record 2.9 billion pounds in 1990. It made a 2.06 billion pounds loss in 1989 and 2.048 billion pounds loss in 1991.

* INVENSYS -- British engineering firm Invensys ISYS.L announced on May 29, 2003 a bottom line loss of 1.44 billion pounds for the year to March 31.

* BRITISH AEROSPACE -- British Aerospace reported a record 1992 pre-tax loss of 1.2 billion pounds on February 24, 1993. The company had axed 13,000 jobs in 1992 and agreed to put its regional aircraft business into a new joint venture with Taiwan.

* QUEENS MOAT HOUSES -- The hotels group reported a 1.04 billion pound pre-tax loss for the year to December 31, 1992.

-- Queens Moat's losses were the biggest by a British company since British Aerospace set the record earlier in 1992 with a loss of 1.2 billion pounds.

* ABBEY NATIONAL -- Mortgage lender Abbey National declared a pre-tax loss of 984 million pounds for the year ending 2002. It was the first loss for Abbey, whose roots date back to 1849.

(Writing by Jijo Jacob and Carl Bagh, Editing and additional writing by David Cutler);

 
Pedestrians walk in the Canary Wharf business district of London January 19, 2009.   REUTERS/Stephen Hird
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