Cold weather helps to warm up DCC's profits
COLD weather across Britain last winter and spring helped diversified Irish group DCC deliver profits €229.2m in the 12 months to the end of March – a 21.3pc year-on-year jump on a constant currency basis.
Releasing results this morning, DCC, which is one of the largest distributors of home heating oil in the UK, said that its revenue in the financial year rose 19.4pc to €12.9bn on a constant currency basis.
On a reported basis, the group’s operating profit was 27.5pc higher and revenue up 25.3pc.
DCC chief executive Tommy Breen said that although the current financial year has just begun, he anticipates that operating profit will be between 10pc and 12pc ahead of that generated last year.
“The outlook for the year to March 2014 is set against a continuing weak economic environment in its principal markets and the important assumption that there will be normal winter weather conditions,” he said.
The board is also recommending an 11.4pc increase in DCC’s final dividend to 56.2 cent per share, giving a total dividend for the year of 85.68 cent.
DCC’s activities stretch across healthcare, consumer electronics, energy and food and beverages.
The company has moved its listing to London and from now on will report its results in sterling.