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DCC first half profit up despite revenue fall
StockMarketWire.com
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Sales, marketing and support services group DCC posted an 8.3% increase in adjusted operating profit to £176.1 million for the six months to 30 September despite revenue falling 18.9% to £5.9 billion.
Pre-tax profit came in at £102.1 million while the dividend was increased 5% to 51.95p.
Free cash flow increased from £30.4 million to £120.7 million which according to the company was 'driven by a strong working capital performance' and net debt fell from £245.3 million to £137.2 million.
The LPG business saw a 7.1% decline in operating profit, the Retail & Oil arm saw profit increase 9.2%, DCC Technology enjoyed a 0.7% uptick and DCC Healthcare increased operating profit by 39.7%.
Chief executive Donal Murphy said: 'With Covid-19 related restrictions now increasing again generally, the outlook for all economies in which DCC operates remains very uncertain.
'However, DCC's diverse and resilient business model, the essential nature of the group's products and services and its extremely strong balance sheet ensure that the Group is well placed to navigate this ongoing uncertainty and continue its growth and development into the future.'
Story provided by StockMarketWire.com
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