Boeing reported revenue of $76.6 billion for financial 2019, down 24 per cent from the $101 billion reported last year.

Net losses for the year totalled $636 million, down from a profit of £10.4 billion in 2019.

It is the first loss at the American manufacturer since 1997.

The dramatic reversal in fortunes is largely attributed to the grounding of the Boeing 737 Max following two crashes in Ethiopia and Indonesia.

With the anniversary of the FAA decision to bar the aircraft from the skies approaching in March, Boeing said the move has so far cost $18 billion.

The commercial aircraft of the division of the company ended the year $6.6 billion in the red.

Revenues were down by 44 per cent in the division compared to 2018, as deliveries dropped from 800 to 380 throughout the year.

“We recognise we have a lot of work to do,” said Boeing chief executive, David Calhoun.

“We are focused on returning the 737 Max to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public.

“We are committed to transparency and excellence in everything we do.

“Safety will underwrite every decision, every action and every step we take as we move forward.

“Fortunately, the strength of our overall Boeing portfolio of businesses provides the financial liquidity to follow a thorough and disciplined recovery process.”

Boeing has a commercial airplane backlog of over 5,400 aircraft valued at $377 billion.