Jaguar Land Rover had a £3.6 billion annual loss as it was weighed down by a slump in Chinese sales.

The luxury car manufacturer, which announced 4,500 job cuts earlier this year, was heavily dragged down by a £3.3bn writedown in the third quarter.

It slumped from a £400 million profit in the previous financial year as it was hit by the economic slowdown in China.

Weakness in the Chinese car market, which was cited as a key reason for job losses, resulted in a 5.8 per cent decline in sales to 578,915 vehicles in the region.

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However, the firm was positive about recent sales after it delivered a £120m pre-tax profit in the fourth quarter to March 31 following nine months of losses.

Project management group WYG has accepted a £43.4 million takeover bid by US competitor Tetra Tech.

The company, listed on London's junior Aim market, said the deal will help to establish it as the "premier high-end consulting, engineering and project management firm".

Shareholders in WYG will receive 55p per share, representing a 244% premium on the closing on Friday.

California-based Tetra Tech is expected to complete the deal by July. Shares in WYG were up 235% at 53.7p.

The UK's largest student accommodation provider, Unite Group, said it has raised £250 million of new equity from external investors for its accommodation fund.

The retail company did not participate in the equity raise itself, and will see its stake in the fund fall from 25% to 23% as a result.

Shares fell by 0.3% to 964.7p.