Conviviality (CVR) has updated the market after its shock profits warning on Thursday to confirm that its full-year adjusted EBITDA will be around £14m lower than previously forecast.

The Bargain Booze owner shocked the market on Thursday, announcing a “material error” in its financial forecasts for its Conviviality Direct business meant EBITDA would be £5.2m lower the previously guided – a cut of around 20%.

Today it has confirmed adjusted EBITDA will drop from a forecast of £69.1m-£70.5m to £55.3m-£56.4m, also a drop of around 20%.

Conviviality said this downgrade related to “an arithmetic error” in the compilation of its financial forecasts.

The new guidance reflects an assumption that margin weakness in its Conviviality Direct business seen in January and February will continue for the remainder of the current financial year.

Conviviality shares plunged from a pre-announcement level of 300.5p to below 100p on Friday morning. The share recovered somewhat yesterday, but are back down 11.9% to 101.2p today.