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09 Nov 2021 | 07:55

DCC H1 profits, revenue rise; FY on track to meet expectations

(Sharecast News) - Sales, marketing and support services group DCC hailed "strong" growth on Tuesday as it reported a jump in first-half profit and revenue and said full-year results were on track to meet market expectations. In the six months to 30 September, pre-tax profit rose to £115m from £102.1m in the same period a year ago, with revenue up 26.8% at £7.5bn. DCC said revenue grew across all four divisions, despite the global volatility in commodity pricing, supply chains and inflation.

Adjusted earnings per share increased 13.8% to 134.2p and the company declared an interim dividend of 55.85p, up 7.5%.

Chief executive Donal Murphy said: "I am pleased to report a strong performance in the seasonally less significant first half, which builds on the growth recorded during the first half of the prior year. Each of our four divisions has delivered good growth, underlining the resilience of our business model and our ability to adapt to the very volatile macro environment.

"Sustainability is core to how we do business, and we continue to make good progress across each of our four sustainability pillars, including within energy transition. During the period we have developed a number of new partnerships with energy suppliers, bringing innovative and lower-carbon solutions to our customers. DCC is well positioned to lead our customers through their energy transition."

Notwithstanding the adverse impact of currency translation and the significantly increased wholesale cost of energy products, DCC said it continues to expect the year ending 31 March 2022 to be "another year of strong operating profit growth", in line with current market consensus expectations.

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