Shares in drinks group C&C fell sharply this morning after it warned that its annual profits are set to fall after poor sales in the last four months of 2014.
In an interim management statement, C&C forecast that its operating profits would come to €115m for its full financial year - which ends in February - down from €127m the previous year.
In Ireland, C&C said that after a solid first half, volumes were down 3.4% in the three months to the end of November, its third fiscal quarter. They were 2.4% lower in Scotland.
The maker of Magners and Bulmers cider said it was planning to cut costs after intensifying competition pushed net revenue down 18.2% in England and Wales.
Sales volumes fell 9.8% in the three months to November in the two regions, which accounted for around a quarter of C&C's revenues.
C&C last year launched a failed bid to buy the Spirit pub group in the hope of using its 1,200 pubs to increase its distribution network in the UK, where it has faced a number of new rivals in the cider market, including Swedish brand Kopparberg and AB InBev's Stella Cidre.
C&C said it is now considering a range of measures boost profitability in the region, including plans to significantly reduce costs and increase investment in its brands.
In today's trading update, C&C said that sales declines in the US eased to 16.2% from an average of 21% in the first half of the year as competitive threats receded.
Today's statement also said that trading over the Christmas period was again below C&C's expectations in the domestic markets and volume trends were broadly consistent with the third quarter performance.
C&C shares were down 9.3% by the close of business in Dublin today.
