Cider maker HP Bulmer’s level of "previously unidentified promotional costs" at its take home business has shaved almost £1m off its profits and lead to the resignation of finance director Alan Flockhart.

Bulmer’s said the costs now stand at £3.8m - up £500,000 - and this would reduce pre-tax profit to April 26 by £900,000, previously stated at £21m a drop of 26% on last year from a sales increase of 11% to £585m.

Earlier in the month Bulmer said the costs came to light after a change in the management team at its off-trade business, dealing with supermarkets, off-licences and cash and carry outlets.

It blamed the bad news on "administrative indiscipline" which saw chief executive Mike Hughes resign.

Topics