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DCC FY Pre-tax Profit Increases

DCC Plc (DCC.L) reported that its profit before tax for the year ended 31 March 2019 increased to 327.43 million pounds from 260.16 million pounds in the previous year.

Profit attributable to owners of the Parent for the year increased to 262.59 million pounds from 261.82 million pounds in the prior year. But earnings per share declined to 279.73 pence from 292.79 pence last year.

Profit before net exceptional items, amortisation of intangible assets and tax increased by 19.1% to 414.6 million pounds.

Group adjusted operating profit from continuing operations increased by 20.1% to 460.5 million pounds, reflecting the contribution from acquisitions and organic growth, notwithstanding the mild weather conditions experienced during the year.

Adjusted earnings per share on continuing activities grew 12.8% to 358.2 pence, reflecting the equity placing completed during the year.

Revenue from continuing operations increased 16.0% to 15.2 billion pounds. Prior year revenue has been restated to reflect the adoption of IFRS 15 Revenue from Contracts with Customers.

The company expects that the year to 31 March 2020 will be another year of profit growth and development for the Group.

The Board recommended an increase of 13.7% in the final dividend to 93.37 pence per share, which, when added to the interim dividend of 44.98 pence per share, gives a total dividend for the year of 138.35 pence per share. It represented a 12.5% increase over the total prior year dividend of 122.98 pence per share.

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