(Alliance News) - DCC PLC on Wednesday said that it was progressing towards another year of profit growth, as the company also provided updates on its "active" year of development activity.
For the third quarter ended December 31, the Dublin-based sales, marketing and support services firm said that operating profit was "modestly ahead" of the previous year.
DCC said that it expects operating profit to continue to grow in line with expectations for the financial year ending March 31.
DCC also noted its "active year" in development activity, in which it has committed around GBP355 million to acquisitions since May.
Since the interim results announcement in November, the DCC Energy division has committed roughly GBP45 million to new acquisitions, which the company said "which will further strengthen the energy management services and renewables offering of the business".
This includes the proposed acquisition of eEnergy Group PLC's energy management division, which provides energy risk management and net zero consulting to industrial, commercial and public sector customers in the UK. Per the January announcement, DCC will provide an initial consideration of GBP29.1 million alongside an additional contingent consideration of between GBP8 million and GBP10 million, dependent on the division's performance.
The acquisition remains conditional on shareholder approval, DCC said, and is expected to reach completion by the end of the financial year.
DCC said that its acquisition of Progas GmbH & Co KG, a Dortmund-based liquid gas supplier, was progressing "as anticipated", and is also expected to complete by the end of the financial year.
The company expects to announce its annual results for the year ending March 31 on May 14.
Shares in DCC were up 0.1% at 5,766.80 pence each in London on Wednesday.
By Hugh Cameron, Alliance News reporter
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