Diageo, the UK drinks giant, does not plan to restart contributions to its pension fund, despite a slump in its asset value of over £1bn (€1.6bn) in the last year.

The firm's preliminary results revealed that, at the end of June, the UK, US and Irish schemes were nursing a £366m deficit. This compares with a surplus of £1.05bn only 12 months previously, when scheme assets were valued at £5.6bn.