3rd Apr 2006 07:02
DCC PLC03 April 2006 DCC's Profit Contribution from Manor Park Homebuilders DCC's profit contribution from its 49% owned associate company, Manor ParkHomebuilders Limited ("Manor Park"), is expected to be materially better thanmarket expectation in the year to 31 March 2006 and may be materially less inthe year to 31 March 2007. This changed expectation is due to Manor Park earninga significant profit on a transaction that it completed on Friday last, 31 March2006, which DCC expected would more likely arise in the year to 31 March 2007.Also, planning issues have delayed the commencement of certain planned housingdevelopments by Manor Park which will defer some profits to its next financialyear. DCC expects to report Group operating profit, before contribution fromassociates, for the year to 31 March 2006 in line with market expectation.Arising from the higher expected profit contribution to DCC from its associatecompany, Manor Park, in the year to 31 March 2006, DCC expects to report earlydouble digit growth in its adjusted earnings per share for the year to 31 March2006, which is ahead of market expectation. Based on DCC's current estimate ofthe profit contribution to DCC from Manor Park in the year to 31 March 2007,DCC's adjusted earnings per share for the year to 31 March 2007 may beapproximately 5% below market expectation. DCC Chief Executive/Deputy Chairman, Jim Flavin, said: "The value of DCC's investment in Manor Park has significantly increased over the past year. Manor Park has a large landbank for housing development and other projects in the pipeline from which it should earn substantial profits in the future." For reference:Jim Flavin, Chief Executive/Deputy Chairman Fergal O'Dwyer, Chief Financial Officer Conor Murphy, Investor Relations Manager Tel: +353 1 2799400Email: [email protected]: www.dcc.ie This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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