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DCC delivers strong Q3 profit growth, maintains FY outlook
(Sharecast News) - Energy business DCC said on Wednesday that third‑quarter adjusted operating profits had grown strongly year‑on‑year on a continuing basis, supported by solid organic growth and a first‑time contribution from recently acquired Austrian LPG business, FLAGA. DCC said its Energy division delivered a robust performance in the period, with its largest unit, Solutions, posting good operating profit growth driven by strength in Energy Products. However, it also noted that this was partly offset by tougher trading conditions for Energy Services in the UK.
Weather patterns, which mainly affect heating demand, were broadly similar to the prior year across DCC's operating regions, while Mobility continued to perform well, generating strong organic profit growth.
DCC's Technology unit delivered operating profits that were broadly unchanged from the prior year on a continuing basis, with the North American business returning to growth after a "difficult" first half.
Looking ahead, DCC said it continues to expect to deliver good operating profit growth on a continuing basis for the year ending 31 March, alongside "significant strategic progress and ongoing development activity".
Reporting by Iain Gilbert at Sharecast.com
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