Drinks giant Diageo has reported that net sales in Ireland were flat during its last financial year, but has increased medium-term group profit targets and announced a £1.5bn (€1.7bn) share buyback programme, writes Geoff Percival,

Drinks giant Diageo has reported that net sales in Ireland were flat during its last financial year, but has increased medium-term group profit targets and announced a £1.5bn (€1.7bn) share buyback programme.

Diageo returned to growth, reporting a profit gain above analysts’ estimates as improved demand for whiskey, tequila and vodka in the US offset declines in Brazil and China.