Punch Taverns, Britain’s biggest pub owner, reported a £406m ($648m) annual loss after writing down the value of its recession-hit estate by 11 per cent.

It also said that trading had not improved in the first seven weeks of its new financial year, prompting analysts to cut profit forecasts. The group’s shares on Wednesday fell 16.6 per cent, or 19¼p, to close at 96.65p.