Marketing and distribution group DCC posted a smaller-than-expected fall in half-year earnings today and said it expected to nudge into double-digit earnings growth in the second half.
In September, DCC warned trading in IT distribution had worsened and this, combined with the first-time impact of seasonally loss-making Shell Direct UK fuels supplier, meant adjusted earnings per share would fall by around 10 per cent in the first half.
However, chief executive Jim Flavin said that most divisions, especially energy, had performed better than had been anticipated in the final month of the period and that had limited the first-half fall in earnings to 4.4 per cent.
"Generally across the board things were just a little better than we'd expected," he said.
DCC makes about two-thirds of its profit in the second half of the year, and Mr Flavin said he expected earnings growth of just above 10 per cent in the final half of its year.
Shares in the firm climbed 1.4 per cent to €15.62 by 8.15am, outperforming a flat Dublin stock market, and analysts said they saw further upside in the stock.