Business

DCC reports increase in operating profit despite ‘volatile’ environment

Company says it expects full-year operating profit growth in line with expectations

DCC said it expected full-year operating profit growth in line with expectations at the end of its financial year on March 31st. Photograph: Brenda Fitzsimons

Eoin Burke-Kennedy
Wed Feb 7 2024 - 08:05

Sales, marketing and support services group DCC said its adjusted operating profit was modestly ahead of the prior year in the third quarter “despite a volatile macro environment”.

It said the performance was driven by good operating profit growth from DCC Energy, in particular the Energy Solutions division.

The company said it expected full-year operating profit growth in line with expectations at the end of its financial year on March 31st.

“DCC Energy delivered good operating profit growth, driven by the performance of Energy Solutions, despite mild weather conditions in most regions during the third quarter of the financial year,” it said.

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“Although operating profit declined in both DCC Healthcare and DCC Technology, the rate of decline improved relative to the first half of the year,” it said.

The company said it had been an active year from a development perspective and has now committed approximately £355 million (€416 million) to acquisitions since its prior year final results in May last year.

“DCC Energy has committed approximately £45 million (€53.8 million) to new acquisitions which will further strengthen the energy management services and renewables offering of the business,” it said.

In November, DCC announced the agreement to acquire Progas, a leading distributor of LPG in Germany, subject to regulatory approval. “The transaction is progressing as anticipated and is expected to complete by the end of the financial year,” it said.

Eoin Burke-Kennedy

Eoin Burke-Kennedy

Eoin Burke-Kennedy is Economics Correspondent of The Irish Times

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