DCC six month sales top €7bn
Sales at Irish diversified distribution company DCC dropped by 6.6pc to £5.07bn (€7.12bn) in the six months to the end of September.
This compared to turnover of £5.4bn during the same period in 2014.
According to the firm's results for the first half of its financial year released this morning operating profit jumped from just over £70m to £88.4m.
About one-third of this growth was organic with the remainder from first time contributions from acquisitions completed throughout the period.
The interim dividend has been increased by 15pc year on year to 33.04p while profit before tax from continuing operations increased by 23.1pc to £52.5m.
The firm has decided to pay an interim dividend of 33.04 pence per share, which represents a 15pc increase on the prior year interim dividend of 28.73 pence per share.
The first half of the year is typically less important for DCC than the second, with analysts estimating that it typically accounts for about 30pc of the group’s total earnings during the financial year.
DCC chief executive Tommy Breen said: Assuming normal winter weather conditions in the balance of the financial year, the Group expects that both operating profit and adjusted earnings per share for the year ending 31 March 2016 will be very significantly ahead of the prior year and modestly ahead of current market consensus expectations.
“The group retains significant financial capacity for further development while preserving the balance sheet strength that has served it well over many years. DCC remains ambitious to continue the growth and development of its business."
The company also announced three new deals. DCC is to acquire CUC Groupe, a French cabling and connectors distribution business, English beauty firm Design Plus and English medical devices company Espiner Medical.
Committed acquisition expenditure amounted to £40.4m during the period.