Diversified business services group DCC today reported a 12 per cent increase in operating profits for the year ended March 31st 2002.
In its outlook the group said it expects to generate ongoing growth in the current year.
DCC reported strong growth across its range of operations, but its energy and food divisions reported particularly strong performance.
The energy division raised pre-tax profits by 48 per cent to €35 million. The acquisitions of AltaGas and Scottish Fuels, along with other smaller deals, contributed to the strong performance. DCC has also moved into the environmental services area through the purchase of Envirotech.
The food business raised profits 30 per cent to €11 million. Rationalisation at the Kylemore bakery and restaurant business and investment in the Group’s distribution capability drove the performance.
DCC chairman and chief executive Mr Jim Flavin emphasised DCC's strong cash position, which insulated the group from the effects of the slowing economy. At the end of March, DCC’s net cash position was €63.1 million.
The company will pay a final net dividend of 15.212 cent per share. When added to the interim dividend of 9.288 cent per share, that gives a total dividend of 24.50 cent per share for the year.