Thursday 27 October 2016

DCC boss gets €1.5m worth of share options

Published 19/11/2015 | 02:30

DCC chief executive Tommy Breen
DCC chief executive Tommy Breen

Tommy Breen, the chief executive of DCC, has been granted up to €1.5m worth of share options in the group.

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Stock exchange filings show that Mr Breen has just been granted up to 18,140 shares under the company's long-term incentive plan.

They can vest between 2020 and 2022.

Based on DCC's share price in London of £58, those options are currently potentially worth £1.05m (€1.5m).

Mr Breen now has a total of up to 167,495 shares under DCC's 2009 long-term incentive plan.

At yesterday's share price, they're worth up to £9.7m (€13.8m). He also has 75,000 shares granted under a DCC share option scheme.

Mr Breen (55) has presided over significant growth at DCC since he was appointed chief executive in 2008.

Last week, shares in the company rose over 4pc when it said profits in the current financial year will be modestly ahead of market expectations. DCC's activities stretch from fuel and IT distribution to waste management.

In the first half of its financial year, DCC reported a 30pc increase in operating profit to £88.4m (€125m). Excluding energy sales, revenue was 4.3pc higher at £1.4bn (€1.98bn).

This month, DCC completed its biggest acquisition ever - the €464m purchase of French LPG distributor Butagaz, which was bought from Shell.

It also owns petrol stations in France and Sweden.

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