FTSE 100 listed fuel and liquid gas distributor DCC Plc (LON:DCC) is still seeing a boost from the weakness in sterling following last year’s Brexit vote, it told shareholders today.
While still very early in the year to March 2018, it expects profits should improve again with all divisions (LPG (liquid gas), Retail & Oil, Healthcare and Technology) trading ahead of the comparable quarter in 2017.
The Dublin-based firm got a big tailwind from the pound’s drop after Brexit, with annual profits rising by 21% to £345mln.
If currencies stay where they are now for the rest of the year it would see another modest translation benefit, today’s statement said.
Deals to acquire Esso Retail Norway and Shell Hong Kong & Macau should be completed by the end of the third and fourth quarters of this financial year respectively, DCC added.
As previously announced, chief executive Tommy Breen will step down after the meeting to be replaced by Donal Murphy, who was head of DCC Energy the division that contained LPG and Retail and Oil before they were separated.