H P Bulmer has uncovered £3.3m in “previously unidentified promotional costs” and warned that the summer’s wet weather and fall in tourism would hit its UK and continental Europe performance.

Auditors are to confirm the figure by the end of September. "During this period we will have discussions with our private placement note holders about the impact on, and changes to, our covenants," the company said.

In July Bulmer's said it would cut back its overseas operations and focus on the UK due to fierce competition from ready-to-drink products such as Smirnoff Ice.

Bulmer’s confirmed today that restructuring at its US business had “significantly reduced losses”, and that performance of key brands Strongbow cider and San Miguel beer was “ahead of the market”.

For the year ended April 26 sales at Bulmer rose 11% to £585m. But pre-tax profit fell 26% to £21m.