DCC growth 'ahead of expectations'
Business services group DCC reported a "solid" start to its financial year, with growth ahead of expectations.
In the first quarter of its financial year, which ended on June 30th, the group said growth in operating profit on continuing activities was good, and overall trading was ahead of predictions.
Its largest division DCC Energy showed good organic volume growth for the quarter, as weather conditions were more favourable than a year earlier. The group noted, however, that the division's profits are heavily weighted towards the second half of its financial year.
Its healthcare and environmental divisions were also ahead of last year.
DCC SerCom, meanwhile, was broadly in line with expectations as the trading environment remained challenging.
The group reiterated its previous guidance for the year to March 31st 2013, with operating profit and adjusted earnings per share both expected to be 15 per cent higher on a constant currency basis.
In the quarter, DCC spent €25 million on snapping up acquisition targets, including deferred payments. It bought Medical Gas Solutions in April, Dutch unified communications business Go Telecom in May, and Vitamex Manufacturing, which provides product development, registration, manufacturing and packing services, in June.
"The Group remains in a very strong financial position and is actively pursuing a range of development opportunities," DCC said in a statement.
The group is set to announce its interim results for the first six months on November 6th.