Industrial holding group DCC today posted preliminary pre-tax profits of €138.8 million in what is an increase of 37.5 per cent on the same period last year.
Earnings per share for 2006 of 42.85 cent marks a 15 per cent improvement on last year's 37.26 cent per share dividend.
The company spent €120.8 million on acquisitions and development of which €57.9 million related to capital expenditure, including a 50 per cent shareholding in the William Tracey Group, Scotland's leading recycling and waste management business announced today.
The group had net debt of €32.7 million and total equity of €585.4 million at the end of March.
Profits from its 49 per cent shareholding in Manor Park Homebuilders were lower than expected due to planning delays.
DCC chief executive Jim Flavin said: "The share of associates' profit after tax may be materially less in the current year, based on DCC's current expectation of a short term reduction in the profit contribution from its 49 per cent shareholding in Manor Park Homebuilders due to planning delays.
"Manor Park has a large landbank for housing development and other development projects in the pipeline from which it should earn substantial profits in the future," he added.