Business support services group DCC has reported annual pre-tax profits, before exceptionals, of €97.7 million - up 11.9% from the previous year. Turnover was up 9.6% at €2.049 billion, while operating profit was up 12% at €102.7 million.
Adjusted earnings per share for the year ending March 31, 2002 increased by over 16% to 98.30 cent, while the dividend per share was up 16% to 24.50 cent.
DCC, which has operations in Ireland, the UK and Europe, said its energy activities generated operating profits of €35 million - up 48%.
Its IT distribution operations reported operating profits of €30.6 million, down slightly from last year's figure of €31.2 million in what the company called 'the increasingly difficult market conditions for the IT industry as the past year progressed.'
DCC said its profit growth in healthcare - up 2% to €20.7 million - was held back by a number of shorter term trading issues within the businesses.
But the company's food operations were up 30% to €11 million as the sector benefited from good sales growth and a recovery in margins.
DCC said a total of €102.9 million was spent on acquisitions and capital expenditure during the year, with a number of opportunities currently being pursued.
'DCC's continued strong earnings growth and excellent cash generation demonstrate the group's resilience in the current more challenging business environment,' DCC's Chief Executive and Deputy Chairman Jim Flavin said.
'DCC has achieved compound annual growth in adjusted earnings per share of 18.6% over the last 10 years and 21.3% over the last five years,' he said. He added that the company is well placed commercially and financially to generate ongoing growth both organically and by acquisition.
In its results statement, DCC said that Fyffes' legal proceedings against the company will be vigorously rebutted. Fyffes initiated proceedings against DCC last January in connection with the sale of DCC's wholly owned subsidiary Lotus Green of 87% of its shareholding in Fyffes.
'The Board is completely satisfied that no DCC group company of officer was in possession of price sensitive information and that the sale was undertaken with absolute propriety', the company said.
DCC shares closed down eight cent to €13.08 in Dublin.
