COLD SNAP A SILVER LINING FOR DCC - DCC, one of the biggest companies on the Irish Stock Exchange, has lots of different interests from energy to IT to food and drink. This morning it reported an almost 11% increase in revenues to €6.7 billion for its financial year to the end of March and a 27% jump in pre-tax profits to €165m to mark a second year of strong profits growth. The company has also increased its final dividend to shareholders.
DCC's CEO Tommy Breen said the company had managed to increase its profits during the recession here and in the UK. He says the cold winters had helped the company's performance. However, he says DCC must now knuckle down to address a decline in profits in its food and drinks business.
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MORNING BRIEFS - The euro this morning is trading at $1.2321, around a cent higher than the four year low it struck yesterday morning. However, some of the gains made yesterday have been eroded. Analysts are pointing to a move by the European Central Bank to buy €16.5 billion of government bonds as part of the grand plan to stabilise euro zone debt markets. To counter balance the effect of releasing so much money, it is to take an equivalent sum out of the money markets and on to short term deposits.
*** The first transfer of billions of bail-out euro to Greece takes place today. Athens will receive some €20 billion of which €14.5 billion will come from other euro zone countries and €5.5 billion will come from the IMF.
*** Paddy Power says its seen an almost one third growth in revenue from its online operations so far this year compared to the same period in 2009. In a strong enough statement ahead of its annual general meeting today, the bookies says that after adverse sporting results favouring punters last year, the gross win percentages have returned to more normal expectations.
*** Paddy Power says amounts staked per bet are 20 per cent larger this year
*** On the currency markets, the euro was trading at $1.2360 and 85.5 pence sterling.
