dcc has the capacity to spend up to €500 million on acquisitions over the next three years, should the right opportunities arise, the group said yesterday.
dcc said yesterday that operating profits in the six months ended September 30th, the first half of its financial year, were up 20 per cent at €67.9 million from €56.5 million during the same period in 2009.
Earnings per share were up 15 per cent at 57.65 cent and the company is proposing to pay a dividend of 26.11 cent.
.The oil and gas distribution division, accounted for just over €30 million, or 44 per cent, of its operating profit. Sales were up 41.2 per cent at €4 billion, from €2.8 billion during the same period last year.
The group borrowed €284 million in March from US institutions, which increased its finance costs for the period to €7.4 million from €5.2 million.
Chief executive Tommy Breen said yesterday that it has cut its working capital requirements over the last 18 months. It also has a strong financial position. At the end of September, its net debt was €98.6 million while it had total equity of €852.8 million. Mr Breen said this means it has the financial scope it needs to continue to buy other existing businesses.
In May, the group bought Pearts, a fuel distribution business in northeast England, for €15 million. well that's what they saved by not giving you a pay rise
UNITE UNITE
Or you will all be lost to the beast that is dcc-GB OILS
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