Strong First Half of Performance and Development has been reported
The leading international sales, marketing and support services group, DCC, has posted its results for the six months ending 30 September 2017. Increase of 14.4% to £122.5 million on Group adjusted operating profit from continuing activities, reflecting strong first half performance, with all divisions recording growth on the prior year.
Increase of 16.1% to 95.5 pence on adjusted earnings per share from continuing activities. Pence per share increased to 40.89, leading to 10.0% increase in interim dividend.
From a development perspective, the Group continues to be very active, with DCC Retail & Oil completing the acquisition of Esso Retail Norway and DCC Technology completing the acquisition of MTR. The acquisition of Shell Hong Kong & Macau DCC LPG remains on schedule to be completed before the end of the financial year.
For an enterprise value of $200 million (£152 million), DCC LPG has declared its agreement to acquire Retail West from NGL Energy Partners, which is DCC's first substantial acquisition in North America, making it DCC LPG's maiden step into the very large US LPG market.
The Group's cash spend on acquisitions in the current financial year will be approximately £550 million, reflecting the announced acquisition activity to date.
The year ending 31 March 2018 will be another year of profit growth and development, has been reaffirmed by the Group.
Donal Murphy, Chief Executive, said, "I am pleased to report that the first half of the year has been another very active and successful period for DCC. The business has performed strongly, with each of our divisions recording good growth, albeit in the seasonally less significant first half of the year. DCC continues to be very active on the development front. 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.” PWKD17112017
Editors Note: DCC is headquartered in Dublin and a member of UPEI Europe