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21 May 2009
Irish giant DCC, parent company of distributors Micro-Peripherals and Gem, reported a healthy boost in yearly revenue and profit but warned of an "exceptionally difficult" year ahead.
DCC's revenue for the year to 31 March rose 15.7 per cent to €6.4bn (£5.6bn) while operating profit increased 7.9 per cent to €180.4m. DCC's SerCom arm focuses on IT, consumer electronics and outsourcing and includes Gem, Micro-P and Irish broadliner Sharptext as subsidiaries.
SerCom saw operating profit rise just a fifth of a point to €40.1m, while DCC Energy almost single-handedly shored up the group's profitability. Operating profit for the oil and liquefied petroleum gas specialist rose 35.6 per cent to €100.7m.
Further reading
Profits for the group's healthcare, environmental and food & beverage units all slumped more than 20 per cent. More than three quarters of DCC profit is denominated in sterling and group chief executive Tommy Breen predicted the exchange rate would continue to squeeze margins this year.
Consequently he predicted that earnings per share for the coming 12 months would be up to 10 per cent down year on year.
"The outlook for the current financial year is set against the background of an exceptionally difficult economic environment which we expect will continue throughout the year," he added.
"DCC's diversified business model, strong financial position and excellent cash generation leave the group in a strong position to benefit from acquisition and development opportunities that are likely to arise in the current environment."
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