TIDMDCC
RNS Number : 4359F
DCC PLC
16 July 2021
16 July 2021
DCC plc
Interim Management Statement
DCC Reports Very Strong Growth in First Quarter
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 2021
DCC traded very well in the seasonally less significant first
quarter of the year, building on the strong performance recorded
for the year ended 31 March 2021. Operating profit growth was well
ahead of the prior year and modestly ahead of expectations, driven
by very strong organic profit growth in DCC Healthcare and DCC
Technology.
DCC LPG delivered good operating profit growth in the first
quarter. As anticipated, volumes recovered relative to the first
quarter of the prior year due to increased demand from commercial
and industrial customers, particularly in Britain.
DCC Retail & Oil also recorded good operating profit growth.
The gradual re-opening of economies led to volume growth with
transport and commercial customers.
Operating profit in DCC Healthcare grew very strongly in the
first quarter of the year. DCC Health & Beauty Solutions
generated very strong organic profit growth in both the U.S. and in
Europe. DCC Vital also delivered very strong organic profit growth
as healthcare systems began to increase elective procedures. In
addition, DCC Vital benefitted from the first-time contribution
from Wörner in Germany and Switzerland, which has performed well
since it was acquired in April 2021.
DCC Technology also generated very strong operating profit
growth, driven by an excellent performance in North America, where
the business continues to develop its market position. The business
recorded strong organic growth in Pro-AV and Pro Audio business
technology products, particularly in North America, as economies
reopened and continued to experience good demand for consumer
products.
Outlook
DCC expects that the year ending 31 March 2022 will be another
year of strong operating profit growth and continued development
activity.
Sustainability
DCC released its first standalone sustainability report on 13
July 2021. The report highlights how the Group creates sustainable
value for its stakeholders. The report outlines key metrics that
DCC will use to track progress against its sustainability
objectives. It also showcases many examples of the solutions DCC is
providing to customers to enable the decarbonisation of their
energy requirements.
Development activity
The Group continues to be active from a development perspective.
Since the Group's prior year results announcement on 18 May 2021,
DCC has completed a number of new bolt-on acquisitions, including
DCC Healthcare's first primary care bolt-on acquisition in
Continental Europe following its initial market entry through the
acquisition of Wörner in April 2021.
DCC has also completed the previously announced acquisitions of
Primagaz by DCC LPG, Jones Oil by DCC Retail & Oil and Azenn by
DCC Technology since the Group's prior year results
announcement.
Chairman succession
As previously announced, John Moloney will retire as Chairman
and from the Board following today's AGM. Mark Breuer will succeed
John as Chairman at the conclusion of the AGM.
Date for Interim Results
DCC expects to announce its interim results for the six months
ending 30 September 2021 on Tuesday 9 November 2021.
For reference:
Donal Murphy, Chief Executive
Kevin Lucey, Chief Financial Officer
Rossa White, Head of Group Investor Relations
Telephone: +353 1 2799400
Email: investorrelations@dcc.ie
Web: www.dcc.ie
Powerscourt (Media)
Lisa Kavanagh / Eavan Gannon
Telephone: +44 20 7250 1446
Email: DCC@powerscourt-group.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 20
countries, supplying products and services used by millions of
people every day. 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 13,700 people,
DCC's four divisions are:
-- DCC LPG - a leading LPG sales and marketing business with
operations in Europe, the US and Asia and a developing business in
the retailing of natural gas and electricity;
-- 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 route-to-market and supply chain
partner for global technology brands and customers.
DCC plc is listed on the London Stock Exchange and is a
constituent of the FTSE 100. In its financial year ended 31 March
2021, DCC generated revenue of GBP13.4 billion and operating profit
of GBP530.2 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 27 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.
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