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DCC says first-quarter operating profit "modestly" ahead of year prior

13th Jul 2023 08:25

(Alliance News) - DCC PLC on Thursday said first-quarter operations were in line with expectations and "modestly" ahead of the year prior.

The Dublin-based sales, marketing, and support services company said its DCC Energy division has recorded strong growth in the quarter, driven by the performance of the Energy Solutions business.

DCC Vital, a distributor of pharmaceuticals and medical devices, also recorded good growth.

However, due to difficult market conditions, operating profit was behind the prior year in both DCC Technology and DCC Healthcare. In DCC Healthcare, the operating profit decline was driven by customer de-stocking in DCC Health & Beauty Solutions, the company explained.

Nonetheless, DCC continues to expect the year ending March 31, 2024 will be "another year of operating profit growth and continued development activity."

DCC will announce its interim results on November 14.

Shares in DCC were down 0.4% at 4,323.51 pence on Thursday morning in London.

By Heather Rydings, Alliance News senior economics reporter

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