Cider maker C&C Group has warned the weakening of sterling, in the aftermath of the Brexit vote, could damage earnings and wipe out the positive start it has made to its current financial year.

Shares in C&C climbed by nearly 3% yesterday as the Irish drinks group gave an upbeat outlook for its current financial year, backed by a better-than-expected dividend lift for investors.

Drinks group C&C has written down the value of its US operations by €150m on the back of another challenging year in the region.

C&S UCC Demons’ 11-game unbeaten run in the Men’s Premier league will be tested on Sunday when they entertain Belfast Star at the Mardyke Arena.

C&C could significantly downsize its English and Welsh operations if it fails in its bid to buy British bar owner, Spirit Pub Company.

British bar owner, Spirit Pub Company has rejected an initial takeover bid — believed to be around €900m — from Irish drinks giant, C&C Group.

NCB Stockbrokers is forecasting that C&C - owner of Bulmers/ Magners, Ballygowan and Tayto - will report a decline in carbonated soft drink sales when it issues its pre-close 12-month trading update next month.

SHARES in drinks and snacks group C&C jumped 7% yesterday after Deutsche Bank issued a positive research note on the company and said the expected highly profitable growth of its Magners (Bulmers) cider brand was not fully reflected in its valuation.

EUROPEAN markets were lower yesterday and the ISEQ index followed, falling 13.84 points to 5161.77.