| 9.6°C Dublin

Investors positive on DCC and Uniphar updates

Close

DCC chief executive Donal Murphy

DCC chief executive Donal Murphy

DCC chief executive Donal Murphy

Shares in diversified business group DCC were trading over 2pc higher yesterday on the back of a trading update.

The Donal Murphy-headed company expects to report operating profits "in line with expectations" in respect of its third quarter.

This is despite a "difficult macroeconomic environment, particularly in the UK".

DCC's tech business in the UK was affected by the general weakness in the British technology market.

The remainder of the technology division recorded good growth, the group said in an update that contained limited financial information.

Meanwhile, its liquefied petroleum gas business continued to perform "strongly" and delivered good organic profit growth. It also benefited from the contribution of Pacific Coast Energy, acquired earlier in the financial year.

Separately, the healthcare services firm Uniphar also received a small boost to its shares, which were up just over 1pc, after it said it performed "in line with expectations" last year.

Uniphar achieved gross profit organic growth of 7pc, with profit increasing across all three of its divisions, in line with expectations, according to a trading update.

Analysts at Davy Stockbrokers said they believed Uniphar was "well on track" to meet its financial year earnings before interest, taxation, depreciation and amortisation forecast of €47.1m.

Uniphar operates three lines of business: commercial and clinical, product access, and supply chain and retail.

Looking into 2020, Uniphar said it was "well-positioned" to deliver continued organic growth across all sections, with the additional benefit of the full-year impact of recent acquisitions. Uniphar floated on the Dublin and London stock exchanges last summer.

Irish Independent