DCC profits down 11%

Support Services company DCC has eported an 11% fall in first half pre-tax profits. Pre-tax profits fell to €31.22 in the six months to September, from €35.25 in the same period last year. Turnover fell 4.1% to €975m.

Operating profit at the company's IT division, Sercom, fell 27% to €10.6m. The company blamed a slump in the market which forced the company to reduce prices at the IT division.

Profits were also affected by a €3.6m charge related to restructuring at the IT division and costs associated with legal action against Pihsiang over the supply of Shoprider mobility products.

The energy division was the company's top performer, with profit up 29% to €13m after sales were boosted by the acquisition of British Gas LPG in November 2002.

DCC is headquartered in Dublin and was founded in 1976 by Jim Flavin, Chief Executive and Deputy Chairman. The company was listed on the Irish stock exchange in 1994.