Drinks group C&C has said its supply chain and production network remains fully operational despite the spread of coronavirus.
But it said that since its full year trading update earlier this month, market conditions have deteriorated.
It warned it is now clear that Covid-19 will have "a material impact" on the group's performance in the current financial year.
It said that given the ongoing uncertainty, it is not able to accurately quantify the expected impact of the virus on its financial and trading performance at this stage.
"However we expect a material reduction to our prior expectations for FY21.
"The scale of this reduction will depend upon how the situation develops, over what timeframe, and the impact of further measures implemented by the Irish and UK governments," it added.
C&C said that with the obvious on-trade (pub) disruption, it has reallocated additional resources behind its core brands' off-trade channels, where it continues to perform strongly.
The company said it is working proactively to maximise cash, maintain a strong liquidity position and protect profits.
It said it has a largely flexible cost base and a supportive banking syndicate and said it has drawn down its full revolving credit facility and is working to ensure further credit is available should it be required.
C&C said it has also significantly reduced its capital expenditure and has cut marketing spend and other costs.
"Like others in the sector, we welcome the support from governments and we are actively engaging with the Irish and UK tax authorities with a view to addressing tax and duty liabilities that arise during this downturn in trading", C&C said.
"The group believes, based on the measures detailed above and underpinned by our inherently strong free cash flow generation and conversion characteristics, that it is well-positioned to withstand a material decrease in business activity during 2020," the company said in a a trading statement today.
"The board is continuing to closely monitor performance in what is a rapidly changing trading environment and will provide updates as appropriate," it added.
C&C makes, markets and distributes branded beer, cider, wine, spirits and soft drinks across the UK and Ireland. Its brands include Bulmers cider, Tennents beer, Five Lamps craft beer, Tipperary Water; and Finches soft drinks.
