Sterling knocks €3m off DCC

DCC, the oil, food and IT products distributor, said profits will take a €3 million hit because of the weakness of sterling.

The company generates almost two-thirds of its profits in sterling. When this is converted to euro the hit to earnings in the current financial year, which ends in March, will be €3m.

The company said if the current exchange rate between euro and sterling were to persist for the next year, operating profits could be dented by €12m.