The troubles of cider makers C&C spilled over from summer into the winter market, with a 30 per cent fall in sales of Magners, prompting a slide in its share price early yesterday.

The drinks group's 15 per cent fall in total revenue between September and November, and indication that sales over the Christmas period were similarly subdued, prompted a 17.5 per cent decline in its share price. But in a day of trading on the Iseq index that proved to be as volatile as C&C's own earnings performance of late, the stock recovered almost all of those losses and closed down just 1 per cent.

Despite being the same drink, with the same ingredients and same taste, C&C's Bulmers and Magners cider produced starkly different results for the group in the final few months of 2007.

Bulmers, C&C's cider brand in Ireland, posted a relatively strong year-on-year sales growth of 2 per cent. However, the 30 per cent year-on-year drop in sales of Magners, the name given to the brand in Britain, resulted in an overall 18 per cent dip in the cider division's revenues.

C&C's fears that the summer downpours would have a knock-on effect on winter sales - because of a failure to recruit new drinkers during the peak summer season - appear to have been realised.

In its trading statement, C&C also blamed a loss of market share to Scottish & Newcastle, owners of rival British brand Bulmers Original, and a "very weak" environment for pubs and bars.

C&C plans to appoint a managing director to oversee the development of Magners in Britain, which is still seen as its main market for growth potential. C&C expects to report a 10 per cent decline in revenues for its current financial year, which ends on February 29th. Its only real interest, apart from cider, is its spirits and liqueurs division, which recorded growth of 1 per cent in the third quarter.

There was heavy trading in the stock yesterday, with 5.4 million shares exchanging hands. C&C said it would shortly resume its share buyback scheme.

NCB stockbrokers said it was downgrading the stock from "buy" to "hold" until the group's strategy for stabilising its business in Britain became clearer.

But Goodbody stockbrokers food analyst Liam Igoe, retaining his "buy" recommendation, said C&C's current share price was "effectively writing off the value of the Magners brand".