Toyota warned that profits are likely to plunge next year as the world’s largest car maker posted a strong set of annual results.

The Japanese company sold 8.68m vehicles in the year ending March 31, a drop of 3.2pc on the last time round.

However, net revenue rose 4.3pc to 28.4 trillion yen (£181bn ) and operating profit was 3.6pc higher than the previous year at 2.85 trillion yen.

But the company warned profits were likely to fall 40pc in the coming year as the strengthening yen hits performance. Toyota’s home market in Japan accounts for just a quarter of group sales.

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