Brewer Scottish & Newcastle today announced annual losses of £272 million.

The group suffered a £700m exceptional loss - including £458m on the sale of Center Parcs and Pontin's, £122m on the restructuring of its brewing and an expected £84m loss on pubs it is selling.

Before exceptional losses, annual profits rose by 4.6% to £427.5m on sales up 22% at £4.35bn.

Updated: 11.27 Tuesday, July 3