DCC profits up 38.7%

Business support services company DCC has announced before-tax profits of €138.8m for the year ended March 31, up 38.7% on the previous year.

Profits were seen in most DCC divisions, including energy, healthcare and food and beverage. DCC SerCom also achieved profit growth in the second half after a difficult first half which saw profits drop by 37%. A 22% profits increase in the second half of the year helped offset the slide in the division.

At March 31, the group had net debt of €32.7m and total equity of €585.4m.

DCC's chief executive and deputy chairman Jim Flavin said: "DCC has budgeted for continued good operating profit growth from subsidiaries in the current year to 31 March 2007.

"As announced on April 3, the share of associates' profit after tax may be materially less in the current year, based on DCC's current expectation of a short-term reduction in the profit contribution from its 49% shareholding in Manor Park Homebuilders due to planning delays. Manor Park has a large landbank for housing development and other development projects in the pipeline from which it should earn substantial profits in the future."