Strong results for DCC

DCC has reported its annual results for the year ended March 31, 2008.

The company has announced a 19.3% increase in operating profit to €167m. Operating profit growth on a constant currency basis was 21.8%, of which approximately 8% was organic.

There was also a substantial increase of 36.7% in sales revenue to €5.5bn. Adjusted EPS is up 15% to 165c.

“These excellent results reflect strong organic growth and successful acquisitions,” said DCC executive chairman Jim Flavin.

“DCC achieved accelerated operating profit growth of 20.1% (24.1% constant currency) in the seasonally more significant second half.

“DCC is budgeting for strong earnings growth in the range of 12% to 15%, on a constant currency basis, in the current financial year. However, the impact of the translation of the significant proportion of DCC’s profits that are sterling based into euro … would result in reported earnings growth in the range of 2% to 5%.

“DCC has had an excellent start to the current financial year and continues to be well positioned both commercially and financially to augment growth through acquisition activity.”