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Interim Results

DCC operating profits jump

14 November 2016 07:55

DCC, the international sales, marketing, distribution and business support services group, reports a very strong first half performance with operating profit increasing by 33.3% (up 26.5% on a constant currency basis) to £117.8 million, with all divisions recording growth on the prior year.

Adjusted earnings per share rose 31.1% (24.7% ahead on a constant currency basis) to 92.1 pence and the interim dividend is increased by 12.5% to 37.17 pence per share.

DCC Energy also announced that it has agreed to acquire Gaz Europeen, a leading French natural gas retail and marketing business, for an initial enterprise value of €110 million (£96 million). In addition, DCC Healthcare has agreed to acquire Medisource, a pharmaceutical procurement, sales and marketing business in Ireland for an initial enterprise value of €32 million (£27 million).

The acquisition of Dansk Fuels in Denmark by DCC Energy, announced on 23 March 2016, was completed ahead of schedule.4

Chief executive Tommy Breen said: "I am very pleased to report that the first half of the year has been another very active and successful period for DCC. The results reflect continued execution of our strategy to grow the business organically, deliver a very strong cash flow performance and redeploy capital at attractive rates of return.

"The Group continues to have the ambition and capacity for further development and importantly, as DCC increases in scale and geographic reach, also has the opportunity to build substantial market positions in its chosen sectors. The Group expects that both operating profit and adjusted earnings per share for the year ending 31 March 2017 will be significantly ahead of the prior year and ahead of current market consensus expectations."

Story provided by StockMarketWire.com

Related Company: DCC

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