Shares in C&C drop as drinks owner warns of lower earnings 

Shares in the company sank by about 25% in early trade in London

C&C, which also owns Tennent's, Five Lamps beer and Tipperary Water, said the macroeconomic environment and UK October Budget placed a degree of additional pressure on its hospitality customers and impacted consumer confidence more generally. Claire Nash

Drinks group C&C said annual revenue is expected to be in line with last year while its earnings before interest and tax (EBIT) is forecasted to be moderately lower as a result of softer trading in the first two months of this year.

In an update posted on Thursday, the Bulmers owner said that while it saw growth in its distribution business, it was offset by the impact of the sale of its non-core business in Ireland, the exit of low-margin contract brewing volume and softer cider sales in the UK during the important summer period.