Shares in Irish energy-to-technology conglomerate DCC fell nearly 4% despite the group delivering a strong performance in the first half of its financial year.
The London-listed group — whose interests span home heating oil, commercial fuel, healthcare services, and technology distribution — reported revenues of £7.52bn (€8.8bn) for the six months to the end of September. That represented a year-on-year increase of nearly 30%.
Adjusted operating profit for the period was up 15.5%, year-on-year, to £195.2m.
DCC said all of its divisions delivered growth in the period, despite global volatility surrounding commodity pricing, supply chains, and inflation. It said its financial position remains “very strong” with net debt reducing to £54.1m from £137.2m a year ago.
DCC said it has an “active pipeline” of investment opportunities and will continue to grow both organically and through acquisition activity. Since May, it has committed around £80m to bolt-on acquisitions.
Last week, its Flogas subsidiary announced the agreed purchase of the Irish business of Spanish business energy provider Naturgy.
DCC said it continues to expect its current year to be another one of strong operating profit growth, despite the adverse impact of currency translation and the significantly increased wholesale cost of energy products.