DCC reports good performance

DCC reported a good performance for the year ended March 31, 2003.

Sales rose 11% to €2.24bn and pre-tax profits increased 7% to €97.4m.

Operating profit was €111m - up 13%.

The biggest increase in sales and profit took place in the group’s energy division. During the year DCC acquired British Gas LPG, and DCC said that the company had performed well.

The IT division was also showed increased profitability. IT business grew revenues by 7.4% to €984.8m and achieved profits growth of 7.7% to €32.9m.

SerCom Distribution accounted for 98% of total IT profits. Profit growth accelerated in the second half. The hardware distribution business grew in Britain and its product focused telesales teams grew DCC’s market share.

Its British software distribution business also grew and added new suppliers, Adobe, Nokia and Creative Labs. The Irish IT distribution business also grew sales.

The Continental European specialist storage distribution relies on large ticket sales, mainly for large corporates and the sector remained difficult.

DCC healthcare business suffered by the loss of its supply of Shoprider powered mobility products and operating profits in this division were down 29.3% on last year to € 11.4m.