Business support services company DCC said the impact of Covid-19 on trading since the end of its financial year in March has varied across the group, reflecting the nature of products and services provided and the level of lockdown restrictions in place in each market.
Overall, DCC said it traded robustly in April and the early weeks of May and has been significantly profitable in the period.
"Relative to initial expectations at the beginning of April, the performance of the group has been better than anticipated, albeit behind the prior year," it stated.
DCC, which is headquartered in Dublin and listed in London, today reported higher adjusted operating profits for the year to the end of March, while its revenues dipped.
Annual group adjusted operating profit increased by 7.3% to £494.3m, ahead of market expectations, but revenues were down 3.1% to £14.755 billion from £15.227 billion the previous year.
It noted that its strong trading performance in March 2020 benefited from increased demand for essential heating and healthcare products, with negative impacts most apparent later in the month in reduced demand for retail transport fuels and certain consumer technology products.
A proposed final dividend of 95.79 pence per share, a 2.6% increase on the previous year, will see the total dividend for the year increase by 5.0% to 145.27 pence per share.
Donal Murphy, DCC's chief executive, said that Covid-19 presents significant challenges to society and the economies in which the company operates.
"The uncertainty it has created is like nothing we have seen in our lifetimes and our number one priority during this time is to keep our employees safe and well," the CEO added.
He said that all of DCC's businesses have and continue to operate effectively during this "extraordinary period".
"DCC's diverse, resilient business model and financial strength ensures the Group is in a very strong position to navigate through this period of uncertainty. The group continues to have the platforms, opportunities and capability for further development across each of our four divisions," Donal Murphy added.
Shares in the company moved higher in London trade today.
