Shares in C&C plummeted on Friday after the maker of Magners Irish cider said operating profits would fall short of expectations as sales fell in the face of tough competition and a weak consumer market.

Shares were down 9.2 per cent at €1.12 in afternoon Dublin trading after the company said it now expected full-year operating profits to be about €90m. This compares with a previous consensus forecast of between €95m and €110m.