Company Announcements

Interim Management Statement

Source: RNS
RNS Number : 9476A
08 February 2022


8 February 2022


DCC plc


Interim Management Statement


Trading in line with expectations


DCC plc, the leading international sales, marketing and support services group, is issuing this Interim Management Statement for the third quarter ended 31 December 2021.


Third quarter ended 31 December 2021

Group operating profit for the third quarter ended 31 December 2021 was in line with expectations and ahead of the prior year. The Group delivered a good trading performance and benefitted from acquisitions completed in the prior year. The growth was achieved notwithstanding the anticipated adverse impact of currency translation. The Group continued to develop during the period and completed the acquisition of Almo, DCC's largest acquisition to date, at the end of the quarter.


DCC LPG traded robustly and in line with expectations during the third quarter of the financial year, notwithstanding the significantly increased cost of product which remained a headwind during the quarter, particularly in the natural gas and power segments of the division. Demand conditions improved relative to the prior year, although some regions continued to experience restrictions which impacted commercial customers, particularly in the hospitality and leisure sectors. DCC LPG made further progress in expanding its energy transition offering for customers during the quarter, including in renewable electricity, solar and energy management solutions.


DCC Retail & Oil again delivered strong operating profit growth, driven by a very strong performance in Britain and Ireland. The business benefitted from good procurement and cost control, as well as growth in non-fuel income, lubricants and roadside services. The division continued to develop its service offering during the period, making further progress in the roll-out of lower carbon fuels, electric vehicle charging and other services.


DCC Healthcare delivered good growth, driven by a very strong performance from DCC Vital. Elective medical procedures and GP consultations continue to be impacted by the pandemic, however DCC Vital has continued to support healthcare systems with their product and service needs. In addition, Wörner, acquired in April 2021, has performed strongly since acquisition. DCC Health & Beauty Solutions performed well in the face of ongoing disruption to business operations and supply chains as a result of the pandemic.


DCC Technology delivered very strong growth in North America and Continental Europe, offset, as expected, by a weaker performance in the UK market. In North America, the business delivered very good growth across its product portfolio and in particular in Pro AV and Pro Audio products. The UK business continued to experience a difficult market, with well-publicised labour, logistics and product availability challenges. The business was also impacted during the quarter by the implementation in late summer of a new warehouse management system, although this is now operating effectively. The business in Continental Europe delivered good growth, particularly across the B2B channel.  


Year ending 31 March 2022

DCC continues to expect that the year ending 31 March 2022 will be another year of strong operating profit growth, in line with current market consensus expectations, notwithstanding the adverse impact of currency translation and the significant increase in the wholesale cost of energy products.



Sustainability is embedded in DCC's strategy, business model and culture. In December 2021 DCC retained its 'AAA' ESG rating with MSCI and achieved a 'B' score from CDP, an increase of two grades from its previous 'C' score.


Development activity

Including the acquisition of Almo (detailed below) and recent bolt-on activity, DCC has committed approximately £560 million to new acquisitions across Europe and North America since DCC's annual results announcement in May 2021. In December 2021, DCC also completed the previously announced acquisition of Naturgy Ireland, a supplier of renewable power, natural gas and energy services to large commercial and industrial customers in Ireland, following receipt of competition clearance.


ALMO Corporation

DCC Technology completed the acquisition of Almo Corporation ("Almo" or the "Business") on 14 December 2021. The acquisition was based on an initial enterprise value of approximately $610 million (£462 million) on a cash-free, debt-free basis. Almo is one of the largest specialist Pro AV businesses in the United States and is a leading national distributor of consumer appliances, consumer electronics and lifestyle products selling to integrators, resellers, dealers, retailers and e-tailers nationwide.


The Business is headquartered in Philadelphia and employs approximately 660 people across the United States. In its most recent financial year, the Business recorded revenues of approximately $1.3 billion (£1.0 billion) and had underlying EBITA of approximately $75 million (£57 million).


The transaction represents DCC's largest acquisition to date and is a major step in the continuing expansion of both DCC and DCC Technology in North America. Since entering the market in 2018, DCC Technology has expanded significantly, through strong organic growth and acquisition activity. Together with DCC Technology's existing platform, the acquisition of Almo will create the leading specialist Pro AV business in North America. Further details on the acquisition can be found in DCC's stock exchange announcement of 15 December 2021.


Upcoming events

Investor events

DCC Technology senior management will host a presentation and webcast for investors and analysts on 15 February 2022 at 2pm GMT. Registration and access details are available on the DCC website at DCC will also host an investor event focused on the energy sector in the second quarter of 2022.


Year end results  

DCC expects to announce its results for the year ending 31 March 2022 on 17 May 2022.


Investor enquiries:

Kevin Lucey, Chief Financial Officer                                                                                          Tel: +353 1 2799 400

Rossa White, Head of Group Investor Relations                                                 Email:



Media enquiries:

Powerscourt (Eavan Gannon/Genevieve Ryan)                                                                  Tel: +44 20 7250 1446

                       Email: DCC@powerscourt‐


About DCC plc

DCC is a leading international sales, marketing and support services group with a clear focus on sustainable growth. DCC is an ambitious and entrepreneurial business operating in 21 countries, supplying products and services used by millions of people every day. Building strong routes to market, driving for results, focusing on cash conversion and generating superior sustainable returns on capital employed enable the Group to reinvest in its business, creating value for its stakeholders.

Headquartered in Dublin, the Group operates across three sectors: energy, healthcare and technology, employing approximately 15,000 people. DCC plc is listed on the London Stock Exchange and is a constituent of the FTSE 100. In its financial year ended 31 March 2021, DCC generated revenue of £13.4 billion and operating profit of £530.2 million.

DCC has an excellent record, delivering compound annual growth of 14% in operating profit and generating an average return on capital employed of approximately 19% over 27 years as a public company.


Forward-looking statements

This announcement contains some forward-looking statements that represent DCC's expectations for its business, based on current expectations about future events, which by their nature involve risk and uncertainty. DCC believes that its expectations and assumptions with respect to these forward-looking statements are reasonable, however because they involve risk and uncertainty as to future circumstances, which are in many cases beyond DCC's control, actual results or performance may differ materially from those expressed in or implied by such forward-looking statements.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.