DCC raises dividend, focuses on expansion

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DCC PLC (LON:DCC) has raised its interim dividend and said it “remains very active from a development perspective” despite coronavirus (COVID-19) pandemic disruption.

The Irish sales, marketing and support services group announced a distribution of 51.95p per share, 5% higher than last year.

READ: DCC upped to outperform as RBC spies significant upside from M&A

The FTSE 100 group has committed £90mln in capital to new acquisitions in both Europe and North America since May.

In the six months to September 30, 2020, DCC’s revenue dropped by 19% to £5.9bn, however, profit before tax jumped 44% to £102mln thanks to higher operating profit.

At period-end, the company had net debt of £137mln, gross cash of approximately £1.5bn and undrawn, committed bank facilities of £400mln.

DCC said its full-year results normally are more weighted to the second half but did not provide further guidance.

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