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DCC profit falls in H1 amid difficult economic and market backdrop

Tue, 12th Nov 2019

DCC reported a fall in half-yearly profit as revenue declined, owing to a more difficult economic and market backdrop, particularly in the UK. For the six months ended 30 September 2019, pre-tax profit fell to £57.6m from £85.9m and revenue slipped 1.4% to £7.3bn. The loss was blamed on a one-off cost related to the disposal of the company's UK generic pharma activities, which resulted in a loss on disposal of £34.3m, principally 'representing a non-cash impairment of the goodwill recognised on the initial acquisition of the business,' the company said. Its DCC retail & oil business sold 5.93 billion litres of product in the first half, a 3.8% decline versus the prior year, reflecting lower volumes in the UK, particularly in the lower margin marine and commercial sectors. The company decided to pay an interim dividend of 49.48p per share, a 10.0% increase on the prior year's dividend of 44.98p a share. 'Notwithstanding the continuing uncertain macroeconomic outlook impacting the UK economy, and the Technology business in particular, the group believes that the year ending 31 March 2020 will be another year of good operating profit growth and further development and will be broadly in line with current market consensus expectations,' said Donal Murphy, chief executive. At 9:30am: (LON:DCC) DCC PLC share price was -281p at 7093p Story provided by StockMarketWire.com

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