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DCC reports 14.4 percent rise in first-half profit

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DCC reports 14.4 percent rise in first-half profit

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(Reuters) – Support services company DCC Plc <DCC.L> reported a 14.4 percent rise in profit for the first half of the year, helped by growth across its divisions and the impact of its acquisitions over the past year. DCC has been looking to acquisitions to broaden its footprint beyond Europe. The company’s LPG business last week agreed to buy NGL Energy Partners LP’s retail West LPG division Hickgas LLC to enter into the US market. Adjusted operating profit at its liquefied petroleum gas business, which sells LPG and natural gas to industrial, commercial and domestic customers, rose 19.2 percent in the six months ended Sept. 30. Profit at its retail and oil business, which sells and markets transport fuels and commercial fuels, rose about 8 percent in the half year. DCC, which reported its first results under new Chief Executive Donal Murphy, also reiterated its expectation that profit would rise for the year ending March 2018 compared to the previous year. Analysts currently expect full year earnings before interest, tax and amortisation to come in at 378 million pounds. Total operating profit for the year to last March was 363.6 billion pounds. DCC, whose wide range of services ranges from distributing oil to making The Body Shop’s body butters, said its adjusted operating profit rose to 122.5 million pounds from 107.1 million pounds, a year earlier. The company said revenue rose 16.3 percent to 1.62 billion pounds.

(Reporting by Arathy S Nair in Bengaluru; editing by Patrick Graham)
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