16th Jul 2021 08:30
(Alliance News) - DCC PLC on Friday said its profit grew "modestly" ahead of forecasts in its first quarter.
Shares in the company were 2.7% higher at 6,048.00 pence each in London on Friday morning.
The sales, marketing and support services firm confirmed the departure of Chair John Moloney, who will step down from the post at the end of Friday's annual general meeting. Mark Breuer replaces him.
DCC said it traded "very well" in the first quarter ended June 30. The FTSE 100-listed firm added the quarter is "seasonally less significant".
"Operating profit growth was well ahead of the prior year and modestly ahead of expectations, driven by very strong organic profit growth in DCC Healthcare and DCC Technology," DCC explained.
The DCC LPG unit - a liquefied petroleum gas marketing business - saw "good operating profit growth in the first quarter".
"As anticipated, volumes recovered relative to the first quarter of the prior year due to increased demand from commercial and industrial customers, particularly in Britain," the company added.
"DCC Retail & Oil also recorded good operating profit growth. The gradual re-opening of economies led to volume growth with transport and commercial customers."
For the full year, DCC expects another "year of strong operating profit growth".
In addition, DCC said it has appointed Laura Angelini as a non-executive director, with effect Friday, following the conclusion of the AGM.
"Angelini is a highly experienced business leader with extensive knowledge of the healthcare sector. She has more than 25 years of experience in medical devices across multiple therapies and business models, including hospital products, consumer MedTech and home therapies," DCC said.
Angelini recently stepped down as general manager of Baxter International Inc's renal care arm. Illinois-based Baxter is a healthcare company focused on rental, hospital and surgical care products. Previously she held senior roles in Johnson & Johnson from 1991 to 2016.
Angelini joins just as DCC's incumbent chair departs. Moloney's plans to step down were announced back in May. He has been in the role since September 14.
Replacement Breuer joined the board in November 2018 and has over thirty years' experience in investment banking, most recently with JPMorgan Chase & Co. He was vice-chair of Global M&A for JP Morgan before retiring in 2017.
By Eric Cunha; [email protected]
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