DCC hails year of 'significant' progress despite revenue dip

(Sharecast News) - DCC Group posted softer full-year revenues on Tuesday, but hailed "significant" progress in reshaping the business, including plans to change the former conglomerate's name.

The Dublin-based blue chip saw revenues fall 2.9% to �15.4bn in the year to March end, while pre-tax profits shed 1.9% at �374.1m. However, once adjusted for disposals, adjusted operating profits from continuing operations rose 2.8% on a constant currency basis to �634m.

DCC first announced restructuring plans in late 2024. Since then it has sold its healthcare arm in a �1bn deal and its Info Tech business for �100m, as it sought to become a pure-play energy firm focused on sales, marketing and distribution.

The company - which is now proposing changing its name to DCC Energy - said it had made "significant" advances in simplifying the group during the year, as well as returning �700m to shareholders.

It also rejected a �5bn takeover bid from a consortium of investors, including KKK, in April, arguing that it undervalued the company and its prospects.

Donal Murphy, chief executive, continued: "This has been a year of major strategic progress for DCC. We transformed the business through the disposals and provided shareholders with material capital returns.

"At the same time, the business performed, delivering good profit growth notwithstanding the volatile market context. With a simpler, more focused group, a good financial platform and a high cash generative energy business with attractive organic growth prospects, our performance keeps us on track to deliver our �830m operating profit ambition by 2030."

As at noon BST, the London-listed stock was trading up 1% at 5,990p.

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