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Trading statements

DCC reiterates full-year guidance

14 July 2017 07:38

International sales, marketing and support services group DCC has reiterated its full-year guidance ahead of its annual general meeting today.

It said that each division - DCC LPG, DCC Retail & Oil, DCC Healthcare and DCC Technology - traded in line with expectations during the first quarter ended 30 June and ahead of the prior year. The sale of DCC Environmental, which was announced on 5 April 2017, completed on schedule on 30 May 2017.

DCC said its profits were significantly weighted towards the second half of its financial year and while it was still a very early stage in the financial year, the group reiterated its belief that the year ending 31 March 2018 would be another year of profit growth and development.

It said: "Were current foreign exchange rates to prevail for the remainder of the year, the group would benefit modestly, relative to current market consensus, from a favourable translation of non-sterling profits into sterling."

It said the processes to complete the acquisitions of Esso Retail Norway and Shell Hong Kong & Macau were progressing to plan and were expected to complete by the end of the third and fourth quarters of DCC's financial year respectively.

DCC said it remained ambitious to continue the growth and development of its business and its strong and liquid balance sheet, left it well placed to continue the growth of its LPG, Retail & Oil, Healthcare and Technology divisions, in both existing and new geographies.

It said the strength and liquidity of its balance sheet was further enhanced by the recent successful completion of a c.£450 million fundraising in the US private placement debt market. It said the drawdown of funds would occur in September.

It said that as previously announced, chief executive Tommy Breen would retire from DCC and from the board at the completion of today's AGM and would be succeeded by Donal Murphy.

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