DCC PLC (LON:DCC) has said it expects its full-year performance to be ahead of current market consensus expectations provided weather conditions are normal in the current quarter.
In an interim management statement covering its fiscal third quarter (October-December), the FTSE 100-listed sales, marketing and support services group said that it had recorded strong organic operating profit growth, while also benefiting from acquisitions completed in the prior year.
The Irish group noted that its DCC LPG division continued to experience reduced volume demand from commercial and industrial customers, reflecting the continuing impact of varying levels of coronavirus restrictions but cylinder and domestic demand remained robust, which meant the division still achieved modest organic profit growth.
The DCC Retail & Oil was also hit by lockdown restrictions but delivered “good organic operating profit growth”, DCC added, as customers got to grips with the new trading environment as the year wore on.
DCC Technology recorded strong organic operating profit growth, driven by working-from-home, consumer and audio products, while DCC Healthcare delivered an excellent performance, with operating profit well ahead of the prior year., the group said.
“Assuming normal weather conditions for the balance of the financial year, DCC expects that the year ending 31 March 2021 will be another year of development and good growth in operating profit, ahead of current market consensus expectations,” DCC told the market.