Good start to the year

First Quarter Highlights

• Taste & Nutrition delivered good volume growth of 3.1% with Group volumes +1.9%

• Group pricing of -5.3% | Taste & Nutrition -3.9%

• Group EBITDA margin +140bps | Taste & Nutrition +140bps

• Dairy Ireland delivered a solid performance with EBITDA margin +70bps

• New €300m share buyback programme – reflected in updated full year guidance

Edmond Scanlon, chief executive officer, says, “We are pleased to report a good start to the year given market dynamics. Taste & Nutrition achieved good volume growth driven by a strong performance within our foodservice channel and we delivered strong margin expansion in the period reflecting the continued development and evolution of our business.

"Consumer market dynamics remain similar to those outlined at our full year results. As part of our capital allocation framework as previously indicated, we are announcing a new share buyback programme, and the expected net earnings per share accretion has been reflected in our updated guidance range."