Rolls-Royce shares dip as firm ends tidal power work

<p>Shares in Rolls-Royce have fallen as the company draws a line under its tidal power work.</p>

Shares in Rolls-Royce have dipped in trading today (February 14th), as the company withdraws from the tidal power generation market following the sale of its Alstrom business last month.

The carmaker and engineering giant witnessed its pre-tax profits soar by 24 per cent to £1.4 billion for 2012, thanks to the success of its civil aerospace division.

It saw revenues accelerate by eight per cent to £12.2 billion, but despite this impressive data, its boss is anticipating only modest growth in 2013.

Chief executive John Rishton said the company would be centering on making engines for both civil and defence aerospace markets in the future, in addition to turbines for the energy and marine markets.

At 11:50 GMT, shares in Rolls-Royce on the London Stock Exchange slumped by 1.5 per cent to 969.00p per unit, falling from a 52-week high of 984.50p reached earlier this month.

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