Irish cider maker C&C, which owns the Magners brand, has blamed the exceptionally bad summer weather for a poor profits performance. The company predicted a decline in first-half operating profits and said that full-year results would be no better than last year’s. As recently as May this year, C&C was reporting a 84% jump in full-year earnings and was expecting profits to grow by 15-25% this year. The wet, cold summer has meant poor sales of the drink and fewer new recruits to the brand. The company also blamed heavy price-led competition from rival brands such as Bulmers, made in the UK by Scottish & Newcastle. C&C has been spending heavily on marketing and expanding its cider making facilities, so the downturn has hit profits hard. Shares also fell more than 16%, dropping to 8.55 euros (£5.79) Shares in soft drinks group Britvic also fell 10.75p to 356.75p on fears it might share C&C’s fate and reveal a summer downturn Financial Times 14/7/07 page 14 (Companies & Markets) The Daily Telegraph 14/7/07 page 32 (Business) The Times 14/7/07 page 53 The Independent 14/7/07 page 54 The Guardian 14/7/07 page 35 (Financial), page 36 (Market Forces, Financial) Daily Mail 14/7/07 page 99 (City & Finance)