DCC announced today that a weaker British pound will reduce its operating profit by around €3 million.
Sterling profits represent approximately 63 per cent of the company's operating profits. Exchange rates against the euro weakened significantly towards the end of the third quarter and has weakened further in the fourth quarter.
The company now expects "mid to high teen" growth in operating profit in the year to March 31st.
"The weakness of sterling is not helpful, but DCC is well positioned, both commercially and financially, to maintain its record of growth since listing in 1994," DCC chairman Jim Flavin said.