Profits have tumbled at Britvic, the maker of the Robinsons brand, after it suffered a hit from the recall of its Fruit Shoot children's drink and the wet summer weather in the UK.
The soft drinks company, which this month unveiled a £1.4bn merger with Irn Bru maker AG Barr, said this summer's recall over faulty caps on Fruit Shoot would cost Britvic £16.9m in its last financial year and £8m in 2013. The maker of Tango and Robinsons saw its profits slump by 19 per cent to £84.4m over the year to September.
Britvic also recalled its Hydro brand in European markets. But Mr Moody said it had gained market share with Robinsons as well as Pepsi, being the exclusive bottler for PepsiCo in the UK and Ireland. Total sales at Britvic slipped 1 per cent to £1.26bn in the year to 27 November.
The proposed merger between Britvic and AG Barr, which is subject to shareholder and regulatory approval, will create one of Europe's biggest drinks companies, named Barr Britvic Soft Drinks.