C&C share price falls 10% on profit warning

Irish drinks group, C&C saw its share price slump by nearly 10% yesterday on the back of it warning that its annual profits are likely to be down by around €10m this year.

In a largely bleak third-quarter trading period —covering the three months to the end of November — the Dublin-based owner of the twin cider brands Bulmers and Magners and Tennent’s lager said recent trading was below expectation and operating profit for the 12 months to the end of February is now likely to be in the region of €115m.

The group posted an operating profit of just under €127m last year.