Sunday 21 July 2019

DCC shares up on robust profits as it shrugs off impact of French 'Yellow Vest' protests


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Operating profit at Irish conglomerate DCC was 'significantly ahead of the prior year' in the company's third financial quarter.

DCC told the market yesterday that despite a mild winter - a negative for sales of the company's home heating oil and gas - trading was in line with expectations in the quarter, covering the three months to the end of December 2018.

It did not provide detailed financial figures in the statement. DCC shares rose more than 2.6pc in London yesterday.

The company said its liquefied petroleum gas division, which supplies heating gas for homes and businesses, had been boosted by contributions from previous acquisitions.

Its retail and oil division, which includes sales of home heating oil, had been impacted by the 'Yellow Vest' protests against fuel taxes in France, the company said.

But it added that overall French performance was robust, and the division boosted operating profit on foot of good performances in Britain and Denmark.

Its healthcare business, which provides products to health and beauty providers, had also posted operating profit that was well above the prior year, DCC said.

DCC, founded by businessman Jim Flavin in 1976, started out as a venture capital group before becoming the large diversified entity it is today.

Irish Independent

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