Guinness owner Diageo expands cost-cutting plan as profits slump

British drinks firm, which is searching for new CEO, also warns of $200m annual hit from Donald Trump’s tariffs

The world’s biggest spirits company, Diageo, has revealed a slump in annual profits and expanded its cost-cutting plan as it searches for a new boss after the resignation of the chief executive, Debra Crew.

The FTSE 100 company, which owns brands including Guinness, Johnnie Walker whisky, Gordon’s gin and Smirnoff vodka, reported a nearly 28% fall in operating profit in the 12 months to the end of June compared with a year earlier.