4th Feb 2020 08:41
(Alliance News) - DCC PLC on Tuesday said its performance in the third quarter of its financial year was in line with expectations, despite a difficult economic environment in the UK.
Shares in the Irish support services firm were trading 1.6% higher at 6,318.00 pence each on Tuesday morning in London.
For its third quarter ending December 31, DCC said its liquefied petroleum gas business DCC LPG experienced profit growth aided by the contribution of US liquefied petroleum gas distribution business Pacific Coast Energy.
Performance in the DCC Retail & Oil division benefited from its retail activities, while DCC Healthcare delivered "good" like-for-like profit growth and it successfully completed the acquisition of Ion Laboratories Inc.
Ion Laboratories is a provider of contract manufacturing services, which is currently commissioning a new nutritional gummies manufacturing line. Nutritional gummies are chewable vitamins.
Performance in its technology business was hurt by weakness in the UK technology market. However, the rest of the technology division recorded good growth, the company said.
Looking ahead, DCC said it expects its results for its financial year ending March 31, to be in line with expectations as it anticipates growth in the group's operating profit.
For the year ended March 31, the company reported pretax profit of GBP327.4 million on revenue of GBP15.23 billion.
Results for its full year will be published on May 19.
By Ife Taiwo; [email protected]
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