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6,140.00 5.00 (0.08%)

Bid:

6,135.00

Ask:

6,145.00

Spread: 10.00 (0.163%)

Market Cap: £5.25b

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DCC increases oil distribution share

Thu, 17th Feb 2011 16:41

Irish conglomerate DCC is buying British oil distributor Pace Fuelcare for £23.4m (€27.7m) on a cash free basis. The deal, which could take DCC's share of the British oil distribution market to 15%, still requires clearance by the Office of Fair Trading. Pace sold 515m litres of fuel in the year to September 2010. Pace has 20 locations in the south of England. At the beginning of February DCC said that it expects its operating profit to rise by 15% in the year to March 2011. Earnings per share should be 10% ahead. These estimates are based on constant currency rates. If currency movements are included then operating profit will be 18% ahead. The full year figures will be published on 10 May.