DCC investors handed record dividend
DCC is paying a record-high dividend and on course to post stronger 2020 revenue as it expands globally, shareholders were told at the investment company's annual general meeting yesterday.
"At DCC, we've had 25 years of uninterrupted dividend growth since the company first listed," chairman John Moloney told the Dublin gathering, which voted unanimously to approve a final dividend that raised the total 2019 payout to 138.25 pence per share, up 12.5pc from 2018.
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In a trading update, DCC said it achieved good growth in operating profit for the first quarter of fiscal 2020, boosted by recent acquisitions in the US, Canada and continental Europe.
The Irish company owns fuel, technology and healthcare businesses.
For the current year, revenue rose 16pc to £15.2bn (€17bn), while adjusted operating profit went up 20.1pc to £460.5m.
"It's been an excellent year of performance for the group, particularly when you consider the challenging economic market," DCC chief executive Donal Murphy told the firm's shareholders.
DCC's London-listed shares rose after the update but closed nearly 1.5pc lower on the day.