DCC (LON:DCC) has updated investors on its interim performance this morning.
**Highlights from the company statement:**
First Quarter ended 30 June 2017
For the first quarter ended 30 June 2017, each division of the Group, DCC LPG, DCC Retail & Oil, DCC Healthcare and DCC Technology, traded in line with expectations and ahead of the prior year.
The sale of DCC Environmental, which was announced on 5 April 2017, completed on schedule on 30 May 2017.
Year to 31 March 2018
DCC’s profits are significantly weighted towards the second half of its financial year. At what is still a very early stage in the financial year, the Group reiterates its belief that the year ending 31 March 2018 will be another year of profit growth and development.
Were current foreign exchange rates to prevail for the remainder of the year, the Group would benefit modestly, relative to current market consensus, from a favourable translation of non-Sterling profits into Sterling.
The processes to complete the acquisitions of Esso Retail Norway and Shell Hong Kong & Macau are progressing to plan and are expected to complete by the end of the third and fourth quarters of DCC’s financial year respectively.
DCC remains ambitious to continue the growth and development of its business. DCC’s strong and liquid balance sheet, leaves it well placed to continue the growth of its LPG, Retail & Oil, Healthcare and Technology divisions, in both existing and new geographies.
The strength and liquidity of DCC’s balance sheet was further enhanced by the recent successful completion of a c.£450 million fundraising in the US private placement debt market. The drawdown of funds will occur in September 2017. The fundraising has a weighted average term of 10.2 years and will extend DCC’s weighted average debt maturity by 1.3 years to 6.8 years.
As previously announced, Tommy Breen, Chief Executive, will retire from DCC and from the Board at the completion of today’s AGM. He is being succeeded as Chief Executive by Donal Murphy.
As of 07:07 BST, Friday, 14 July, DCC PLC ORD EUR0.25 share price is 7,075.00p.