Interim Management Statement
DCC PLC
20 July 2007
Interim Management Statement
DCC plc, the procurement, sales, marketing, distribution and business support
services group listed on both the Irish and London stock exchanges, is issuing
this Interim Management Statement in accordance with the reporting requirements
of the Transparency Regulations 2007, in advance of the Company's AGM to be held
in Dublin at 11.00 am today.
DCC's business is significantly second half weighted and in the current
financial year to 31 March 2008 DCC budgeted for approximately 70% of Group
profits to be earned in the second half.
DCC's operating profit growth in its first quarter to 30 June 2007 was
satisfactory. This is particularly so having regard to the adverse impact on the
results of DCC Energy of the exceptionally mild weather in Britain and Ireland
in April, a seasonally important trading month in the energy business. Results
in DCC SerCom, DCC Healthcare, DCC Food & Beverage and DCC Environmental were in
line with budget.
DCC, in its preliminary results announcement on 14 May 2007, guided an
expectation of high single digit operating profit growth in the year to 31 March
2008. Taking into account results for the first quarter, updated expectations
for the remainder of the year and subject to completion of the planned
acquisition of CPL Petroleum Limited, separately announced today, DCC now
expects the Group to achieve low double digit operating profit growth in the
year to 31 March 2008.
As announced on 14 February 2007, DCC and Joe Moran, who own 49% and 51%
respectively of Manor Park Homebuilders Limited ('Manor Park'), jointly
appointed Goodbody Corporate Finance and IBI Corporate Finance to seek offers
for 100% of the share capital of Manor Park. The formal sale process is ongoing
and a further announcement will be made as soon as appropriate.
DCC continues to be active in pursuing acquisitions in each of its core areas
and is pleased to have announced today the planned acquisition of CPL Petroleum
Limited, a leading British based oil distribution business, for a consideration
of €74.2 million (Stg£50 million).
DCC continues to have a strong balance sheet to fund acquisition and organic
growth.
For reference:
Jim Flavin, Executive Chairman, DCC plc
Tommy Breen, Group Managing Director, DCC plc
Fergal O'Dwyer, Chief Financial Officer, DCC plc
Conor Murphy, Investor Relations Manager, DCC plc
Telephone: + 353 1 2799400
Email: investorrelations@dcc.ie
Web: www.dcc.ie
About DCC plc:
DCC plc is a procurement, sales, marketing, distribution and business support
services group headquartered in Dublin with international operations across four
continents. DCC has five divisions - DCC Energy, DCC SerCom, DCC Healthcare, DCC
Food & Beverage and DCC Environmental. In its latest financial year to 31 March
2007, DCC had sales of €4.046 billion, operating profits of €143.0 million and
currently employs over 6,000 people in 16 countries. DCC's shares are listed on
both the Irish and London stock exchanges under Business Support Services.
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 9 hours ago Savannah Energy
- 10 hours ago Buccaneer Energy PLC
- 10 hours ago Savannah Energy
- 11 hours ago Carclo
- 11 hours ago Schroder Japan Growth Fund