Having said that, looking at Q2, particularly where we are now, at this stage in the quarter, we would anticipate some continued margin progression in the second quarter, somewhere in the order of about half a percent or so. So we've got a margin for Q2 of somewhere in around 16%. Then from there through the balance of the year, we will continue to focus on executing, and as we said before, The drivers for that margin expansion through the course of the year would be one, that mix impact mitigating somewhat as we go through the year as we see further progression and direct feed growth through the back end of the year and the mix of that between full service and FSP that continues to be the expectation and then secondly on cost actions and managing the P&L efficiency that we would also expect to contribute more heavily in the second half as we mentioned just given that the actions that Barry mentioned that are already in flight come to fruition and flow into the P&L.

Jun 24, 2026 / receipt, needs a key / Nigel, CFO | earnings call 2026-06-24 | transcript 470be786-306a-45b6-a2c6-b119ea3af41f | chars 23901-24881 | segment 24

Ciaran Murray | 63 | Chair and Director

filing / May 27, 2026 / receipt

Dr. John Climax | 73 | Director

filing / May 27, 2026 / receipt