14th May 2024 09:28
(Alliance News) - DCC PLC on Tuesday declared a higher annual dividend despite a slight decline in profit, noting this marked 30 consecutive years of increased payouts.
DCC shares were down 4.9% to 5,615.00 pence early Tuesday in London.
Dublin-based DCC is a provider of sales, marketing and support services.
It said pretax profit declined by 1.8% to GBP423.7 million in the financial year that ended March 31 from GBP431.6 million the year before, as revenue fell by 11% to GBP19.86 billion from GBP22.21 billion.
Adjusted operating profit was up 4.1% to GBP682.8 million from GBP655.7 million, but DCC had higher net finance costs and exceptional charges.
By division, adjusted operating profit rose by 9.9% in biggest division DCC Energy, up to GBP503.0 million in financial 2024 from GBP457.8 million in financial 2023. However, it declined by 4.0% to GBP88.1 million from GBP91.8 million in DCC Healthcare and by 14% to GBP91.7 million from GBP106.1 million in DCC Technology.
DCC noted however that DCC Healthcare returned to organic growth in the second half of the year.
Looking ahead, DCC said it expects financial 2025 to be "a year of strong operating profit growth and continued development activity".
DCC declared a final dividend of 133.53 pence per share for a total annual dividend of 196.57p, up 5.0% from 187.21p. The company noted it has an unblemished record of dividend growth as it marks 30 years as a listed company, with a compound annual growth rate of 13%.
By Tom Waite, Alliance News editor
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