Industrial holdings group DCC has reported pretax profits of €137.9 million for the 12 months to the end of March, down from €181 million for the previous year.
Operating profits rose 7.9 per cent to €180.4 million although DCC, which earned 76 per cent of revenues in sterling last year, noted that on a constant currency basis the increase was 22.4 per cent.
The euro’s gains against the pound over the year cost it €24.2 million in operating profit, , the company said.
Revenues grew 15.7 per cent to €6.4 billion last year.
“The outlook for the current financial year is set against the background of an exceptionally difficult environment which it is anticipated will continue throughout the year,” the company said in the statement.
Operating profit and adjusted earnings per share for the year ended March 31st, 2010, at the current exchange rate of 90 pence per euro, will be 5 per cent to 10 per cent less than last year, the company said.
DCC shares were trading at €15 at 1.40pm in Dublin, up 3.4 per cent or 50 cent, and off earlier highs of €15.20. At €15 a share the company has a market value of €1.23 billion.
Chief Executive Tommy Breen told reporters today that the company may spend a little less on capital expenditure in the current fiscal year than last year.
The company spent €56.1 million last year.
DCC plans to pay a final dividend of 39.73 cents per share, giving a total payout of 62.34 cents for the year, up 10 per cent on the prior year.