Sony has warned it is heading for a bigger-than-expected ¥220bn (£1.8bn) annual loss, presenting a daunting task for incoming chief executive Kazuo Hirai, who has vowed to move quickly to turn things around.

Overtaken by more innovative rivals such as Apple and Samsung over the past decade, the Japanese electronics and media conglomerate posted a ¥159bn loss between October and December – normally a strong quarter boosted by end-of-year holiday sales – as it battled a strong yen, flooding in Thailand that ruptured supply chains and a weak economy.