C&C shares fall as Bulmers, Magners and Tennent update currency hit

C&C shares fell sharply yesterday as the Bulmers, Magners and Tennent’s drinks firm said that the pressures from the drop in the value of sterling and tough pricing conditions in the UK would unlikely ease anytime soon.

Despite its three main products increasing volume sales significantly, the fall in the UK currency had hit hard.

The shares dropped up to 6% at one stage as it said in a trading update it would post operating profit of €94m to €96m when it reports its 2017 full-year results in May. In 2016, it had a profit of €103.2m.