DCC announces €104m of acquisitions after 'excellent' year
Diversified group DCC is spending £90m (€104m) on acquisitions after an "excellent" financial year.
These acquisitions include Pacific Coast Energy, DCC LPG's first material follow-on acquisition in the US, and DCC Technology's acquisitions of Comm-Tec in Germany and Amacom in the Netherlands, strengthening its European presence.
Donal Murphy, chief executive of DCC, said the latest purchases are “good examples of our divisional strategies in action.”
Last year DCC - a FTSE-100 company that has interests across fuel, energy, technology, and healthcare – committed around £370m of capital to acquisitions.
In annual results for year ended 31 March 2019 released today, the group said last year’s performance had been “excellent”, despite the warmer weather, with adjusted operating profit increasing by 20pc to £460.5m (€532.5m).
All divisions of the company recorded “very strong” profit growth.
Revenue for the year from continuing operations increased 16pc to £15.2bn (€17.5bn).
"I am very pleased to report that the year ended 31 March 2019 has been another year of significant progress for DCC. An excellent trading performance, very strong cash generation and continued acquisition activity across the group exemplifies the DCC business model.”
“I am particularly pleased that each division recorded very strong growth in operating profit and traded in line with expectations, given the mild weather conditions experienced during the year.”