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UK distributor DCC raises dividend after upbeat annual profit

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(Reuters) – British distributor DCC Plc on Tuesday raised its dividend after reporting annual profit ahead of market expectations, thanks in part to robust growth in its healthcare and technology businesses during the pandemic.

Shares in the FTSE 100 firm, which sells tech brands such as Samsung and Apple and counts Amazon as its largest customer in its technology division, rose 1.6% in early trade.

The company, which sells LPG, operates service stations and electric vehicle (EV) fast-charging networks, and distributes medical and electronic products, said adjusted operating profit rose 7.3% to 530.2 million pounds ($752.04 million) in the year ended March 31.

Over the past year, DCC has expanded its EV fast-charging infrastructure by 50%, it said, at a time when the availability of EV charging networks poses a major challenge for car owners looking to switch over from petrol or diesel autos.

($1 = 0.7050 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Subhranshu Sahu)

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