Strong year for DCC as firm reports profit growth across all divisions
DCC have recorded good profit growth across all divisions as operating profit on continuing operations increased by 11.1pc to £383.4m.
The strong performance for the business support services group was reflected in its year end report.
According to today's release, adjusted earnings per share on continuing activities have jumped 10.8pc to 317.5 pence.
The company has also proposed to increase the final dividend by 10pc, the 24th consecutive year of dividend growth since DCC listed in 1994.
Cash flow performance was good with free cash flow conversion of around 85pc and a return on capital employed of 17.5pc.
DCC said that it has been a record year of corporate development spend with approximately £670m of acquisition capital deployed.
The firm have completed acquisitions across all units, including Retail West and Elite One Source.
Chief Executive Donal Murphy said that the acquisition activity during the year was the highest level of spend in the company's history and "again demonstrates DCC’s ability to acquire and integrate businesses in our existing markets to strengthen our market positions, build scale and increase our relevance and service offerings to customers and suppliers".
"Importantly, it also reflects our strategy to extend our geographic footprint over time, as evidenced by DCC LPG’s first acquisitions in the US and Asia and DCC Healthcare’s first acquisition in the US. These acquisitions in new markets will provide further opportunities for both organic and acquisitive growth for the Group," he said.
Mr Murphy said that he expects that the year to 31 March 2019 will be another year of profit growth and development.