Irish energy group DCC has seen its turnover slide by 4pc in its latest financial year due to low oil prices.
For the 12 months to the end of March the company took in £10.6bn. This compared to just over £11bn the year before.
Although revenue from continuing activities was up by 6.5pc due to low oil prices overall group revenue decreased by 4pc.
The firm did report a strong increase in operating profit, which jumped from £200.7m to £221.7m, a 10.5pc rise. Pre-tax profits before deductions also grew strongly, increasing by 6.8pc to almost £200m from £186.9m.
Commenting on the results chief executive Tommy Breen said: “DCC remains ambitious to continue the growth and development of its business. The group’s strategy has always included maintaining a strong and liquid balance sheet to leave it well placed to take advantage of opportunities as they arise.
“To that end and cognisant that the group is already committed to development expenditure totalling £465 million, the board has today separately announced a placing of new ordinary shares representing up to 5pc of the existing issued share capital of the group (excluding treasury shares).”
DCC also said that it had made a binding offer to acquire Butagaz, a leading liquefied petroleum gas business in France, from Shell for €464m.
DCC said it would represent “the largest ever acquisition by DCC” and a major step forward in the continuing expansion of its LPG business.