‘Strong growth’ for DCC despite pandemic impact and energy headwinds

Irish energy and services group DCC said group operating profit for its third quarter was in line with expectations, beating 2020 figures.

In an interim management statement for the period to December 31st, DCC said trading performance was good, with the business benefiting from the prior year’s acquisitions. At the end of the quarter, DCC completed the $610 million (€534 million) acquisition of Almo, its largest to date.

Trade in its DCC LPG business was “robust”, the company said, but it noted product costs significantly increased over the period, providing a headwind, particularly in the natural gas and power segments. It was also hit by restrictions in hospitality and leisure sectors, which impacted demand.

The division continued to expand energy transition during the three months, offering renewable electricity, solar and energy management solutions to customers.

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There was string operating profit growth in DCC Retail & Oil as the company benefited from good procurement and cost control, and growth in non-fuel income, lubricants and roadside services.

Healthcare

The healthcare division, DCC Healthcare, saw a strong performance from DCC Vital, resulting in good growth overall, despite the impact of the pandemic on elective procedures. DCC Health & Beauty Solutions also performed well.

Weaker performance in DCC Technology's UK business was offset by strong growth in North America and Continental Europe.

Looking ahead, DCC said it expects strong operating profit growth in the year ending March 31st, 2022. It will announce its annual results on May 17th.