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DCC H1 profits up 17% on strong performance in retail and oil division

By BFN News | 09:15 AM | Tuesday 13 November, 2018

Support services group DCC said Tuesday first-half profits rose 17% as revenues increased by a quarter, led by strong growth in the company's retail and oil division. For the six months to 30 September, pre-tax profits increased 17.2% to £85.9m and revenue 24.7% to £7.42bn. DCC's retail and oil divisions saw a 33.5% increase in revenues to £56.3m, underpinning overall growth and offsetting a 7.2% decrease in DCC LPG revenues. The interim dividend was increased by 10.0% to 44.98 pence a share. The company said it continued to expect that the year ending 31 March 2019, would be another year of profit growth and development. 'I am pleased to report that the first half of the year has been another active and successful period for DCC. The business has performed strongly, with Group operating profit well ahead of the prior year and trading across each division in line with expectations,' said Donal Murphy, Chief Executive. 'DCC continues to be active from a development perspective. The recently completed acquisitions of Stampede and Jam further demonstrate DCC's increased opportunity set for development resulting from the Group's increased geographic presence.' 'The successful completion of the equity placing leaves DCC very well positioned to continue its development and enhances the balance sheet strength and liquidity of the Group, ensuring DCC remains a credible and capable acquirer.' At 9:15am: (LON:DCC) DCC PLC share price was -75p at 6145p Story provided by

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