UK distributor DCC raises dividend after upbeat annual profit

By Reuters

<p><body> <p>(Reuters) – British distributor <span class="caps">DCC</span> 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.</p> <p>Shares in the <span class="caps">FTSE</span> 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.</p> <p>The company, which sells <span class="caps">LPG</span>, 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.</p> <p>Over the past year, <span class="caps">DCC</span> 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.</p> <p>($1 = 0.7050 pounds)</p> <p/> <p> (Reporting by Yadarisa Shabong in Bengaluru; Editing by Subhranshu Sahu)</p> </body></p>