Cider giant HP Bulmer left investors nursing a hangover today after a poor performance overseas and UK production problems saw first-half profits tumble.
The Hereford-based company, which makes Strongbow, Woodpecker and Scrumpy Jack, added its full-year results would now be lower than expected.
Tough trading conditions in Australia and the US dented a strong showing by Strongbow in both markets, finance director Mike Flockhart said.
Increased competition and continued investment pushed Bulmers' operations in the US into the red.
Mr Flockhart promised a "radical restructuring" in Australia after the group's division in the country also reported an operating loss.
Problems upgrading the group's bottling plant in Hereford held back operating profits in the UK by £1.5m as Bulmers contracted out production.
The group as a whole made pre-tax profits of £13.5m in the six months to October 26, before one-off costs, down from £16.5m. Turnover rose 11 per cent to £286m.
Mr Flockhart said the performance was disappointing but added the second half of the financial year had started well.
He said, however: "We won't catch up on what has been lost in the first half."
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