Sutton Harbour holdings have announced 'significant losses' for the past financial year.

The company, based in Plymouth, says Air South West and the city's airport have been a 'major cash drain'.

They've reported losses of 6-point-45 million pounds to the 31st of March 2011.

The airport's due to close at the end of the year - after Sutton Harbour predicted keeping it open would lead to losses of more than one million pounds over the next year.

The company says it will focus on its marine and regeneration investments over the coming years.