Shares in cider maker HP Bulmer dived after the company warned that its profits would be lower than expected.

Bulmer is due to report its annual figures on Monday.

But on Friday it warned that its profits would be �21.1m ($32m), rather than the �23m the City had been expecting.

And it said one-off costs for the year would reach �12.4m, rather than the �10m already trailed.

Bulmer has had problems in the US and Australia and said it would give a detailed review of the business with Monday's figures.

The group said its international director John Harvey had resigned.

Bulmer gave the first warning about its profits in December.

Then in February it revised the figure down after failing to boost its alcopop sales with the Strongbow Spice drink.

In the City, Bulmer shares plunged 15% to 280p before recovering to close at 307.5p, down 25p.