Ports and ferries group P&O will this week report annual losses of around £200m (€290.4m) after counting the cost of a radical restructuring.

P&O has announced the appointment of John Parker to become the group's next chairman.

Exclusive Spanish resort La Manga – a regular home to the England football team in the run-up to major tournaments – has been put up for sale with a price tag estimated at more than £100m (€149.4m).

Further job cuts seem likely at beleaguered P&O ferry business after the group chairman, Lord Sterling, announced a strategic review following the publication of an annual operating loss of £40m (€59m).

Ports and ferries group P&O today unveiled plans to sell its stake in the world’s fourth largest container shipping company.