London — British food ingredients company Tate & Lyle is stepping up efforts to accelerate profit growth, its new CEO said on Thursday after reporting a 13% jump in adjusted full-year earnings, sending its shares up 7%. To counter a tough food and drink market, the provider of sweeteners and other ingredients said it would sharpen its focus on key categories including drinks, dairy and soups, while simplifying its business and seeking more innovation, partnerships and acquisitions. CEO Nick Hampton, who was appointed to the position in April, said Tate & Lyle would deliver $100m in productivity savings over four years. The company reported pretax profit up 13% at £301m excluding one-off items and currency fluctuations in the year to March 31, with adjusted earnings per share increasing 7% to 50.1p, in line with analyst expectations. But Sales fell 2% to £2.7bn, hurt by a 10% drop in sales of sucralose sweetener. Looking ahead, Tate & Lyle expects earnings per share growth for the cu...
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