DCC will give shareholders an update at AGM
Published 11/07/2016 | 02:30
Diversified Irish distribution and logistics group DCC will be the focus of attention for investors this week, as it holds its fortieth annual general meeting in Dublin on Friday. It also issues a trading statement the same day.
DCC's interests span fuel and technology distribution, healthcare, and waste management. It generates a large chunk of its profits in the UK.
It is the largest supplier of home heating oil in the UK, and also owns unmanned petrol stations in countries such as France and Sweden. It also operates about 40 motorway service stations in France. DCC has also agreed to buy 139 forecourts in Denmark, where it already has a presence.
DCC shareholders will no doubt be wondering what Brexit has in store for the company. DCC moved its share listing to London in 2013 and reports its financials in Sterling. If anything, weaker Sterling should give some translation boost from its euro-denominated business on the Continent.
DCC chief executive Tommy Breen told the Irish Independent in May that the group had analysed any likely Brexit impact on the group.
"We think there'll be very limited direct impact," he said. "We operate in a number of European countries, but we don't physically trade across borders."
Mr Breen conceded that volatility and uncertainty would be the main challenges from Brexit.
It will be interesting to see if the past few weeks have impacted the DCC business.