TIDMDCC
RNS Number : 0517L
DCC PLC
14 July 2017
14 July 2017
DCC plc
Interim Management Statement
Growth in First Quarter Operating Profit and Guidance for the
Year Reiterated
DCC plc, the leading international sales, marketing and support
services group, is issuing this Interim Management Statement in
advance of the Company's AGM to be held in Dublin at 11.00 am
today.
First Quarter ended 30 June 2017
For the first quarter ended 30 June 2017, each division of the
Group, DCC LPG, DCC Retail & Oil, DCC Healthcare and DCC
Technology, traded in line with expectations and ahead of the prior
year.
The sale of DCC Environmental, which was announced on 5 April
2017, completed on schedule on 30 May 2017.
Year to 31 March 2018
DCC's profits are significantly weighted towards the second half
of its financial year. At what is still a very early stage in the
financial year, the Group reiterates its belief that the year
ending 31 March 2018 will be another year of profit growth and
development.
Were current foreign exchange rates to prevail for the remainder
of the year, the Group would benefit modestly, relative to current
market consensus, from a favourable translation of non-Sterling
profits into Sterling.
The processes to complete the acquisitions of Esso Retail Norway
and Shell Hong Kong & Macau are progressing to plan and are
expected to complete by the end of the third and fourth quarters of
DCC's financial year respectively.
DCC remains ambitious to continue the growth and development of
its business. DCC's strong and liquid balance sheet, leaves it well
placed to continue the growth of its LPG, Retail & Oil,
Healthcare and Technology divisions, in both existing and new
geographies.
The strength and liquidity of DCC's balance sheet was further
enhanced by the recent successful completion of a c.GBP450 million
fundraising in the US private placement debt market. The drawdown
of funds will occur in September 2017. The fundraising has a
weighted average term of 10.2 years and will extend DCC's weighted
average debt maturity by 1.3 years to 6.8 years.
Management succession
As previously announced, Tommy Breen, Chief Executive, will
retire from DCC and from the Board at the completion of today's
AGM. He is being succeeded as Chief Executive by Donal Murphy.
Date for Interim Results
DCC expects to announce its interim results for the six months
to 30 September 2017 on Tuesday 14 November 2017.
For reference:
Tommy Breen, Chief Executive
Donal Murphy, Chief Executive Designate
Fergal O'Dwyer, Chief Financial Officer
Kevin Lucey, Head of Capital Markets
Telephone: +353 1 2799 400
Email: investorrelations@dcc.ie
Web: www.dcc.ie
Powerscourt (Media)
Lisa Kavanagh / Victoria Palmer-Moore
Telephone: +44 20 7250 1446
Email: DCC@powerscourtgroup.com
About DCC plc
DCC is a leading international sales, marketing and support
services group with a clear focus on performance and growth. It
operates through four divisions: LPG, Retail & Oil, Healthcare
and Technology.
DCC is an ambitious and entrepreneurial business operating in 15
countries, supplying products and services used by millions of
people every day throughout Europe. Building strong routes to
market, driving for results, focusing on cash conversion and
generating superior sustainable returns on capital employed enable
the group to reinvest in its business, creating value for its
stakeholders.
Headquartered in Dublin, employing approximately 10,000 people,
DCC's four divisions are:
-- DCC LPG - a leading liquefied petroleum gas ("LPG") sales and
marketing business in Europe, with a developing business in the
retailing of natural gas;
-- DCC Retail & Oil - a leader in the sales, marketing and
retailing of transport fuels and commercial fuels, heating oils and
related products and services in Europe;
-- DCC Healthcare - a leading healthcare business, providing
products and services to healthcare providers and health and beauty
brand owners; and
-- DCC Technology - a leading European sales, marketing and
services partner for global technology brands.
DCC plc is listed on the London Stock Exchange and is a
constituent of the FTSE 100. In its financial year ended 31 March
2017, DCC generated revenue of GBP12.3 billion and operating profit
of GBP345 million.
DCC has an excellent record, delivering compound annual growth
of 14% in operating profit and generating an average return on
capital employed of approximately 19% over 23 years as a public
company.
Forward-looking statements
This announcement contains some forward-looking statements that
represent DCC's expectations for its business, based on current
expectations about future events, which by their nature involve
risk and uncertainty. DCC believes that its expectations and
assumptions with respect to these forward-looking statements are
reasonable, however because they involve risk and uncertainty as to
future circumstances, which are in many cases beyond DCC's control,
actual results or performance may differ materially from those
expressed in or implied by such forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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