15th Jul 2016 06:10
LONDON (Alliance News) - DCC PLC on Friday reiterated its outlook for its current financial year to end-March 2017, saying it expects "another year of profit growth and development".
The Irish distribution and outsourcing group said in a statement ahead of its annual general meeting that the UK's vote to leave the European Union is not expected to have any "material direct impact" on its business as it has "relatively little cross-border trade".
It noted that around 50% of its operating profits are generated outside of the UK presently, so its operating profit would benefit "modestly" should sterling continue to be weak or depreciate further.
DCC said its operating profit for the first quarter to end-June was "significantly ahead" of the previous year, and "modestly ahead" of expectations, driven by the performance of its DCC Energy business, which in turn was boosted by acquisitions it completed in the previous year.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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