The chief executive of DCC has told today's AGM that the company expects earnings growth for its current financial year to come in ahead of expectations, with double-digit percentage growth.
In a statement issued ahead of the meeting, Jim Flavin said results for the first three months had been in line with expectations, but he expected 70% of profits to be earned in the second half.
He said he expected strong growth in the company's energy, healthcare, food and environmental divisions, though difficult trading conditions would hold back its IT division in the first half. But Mr Flavin said the recent acquisition of games and DVD distributor Pilton would boost this area in the second half.
The company also announced two smaller acquisitions. It has acquired 76% of Physio-Med Services, based in Derbyshire in England, for €8.5m. The company supplies physiotherapy products. DCC has also bought oil distributor Brett Fuels for €3.3m. Brett is based in northeast England.
Shares in the company were 50 cent higher at €17 in Dublin this evening after the trading statement and also after a broker update from Davy stockbrokers.
