DCC plc has announced its preliminary statement of results for the year ended 31 March 2024.
Growth, Development and Strategic Momentum in DCC’s 30th Year as a Public Company
· Adjusted operating profit up 4.1% (5.3% on a constant currency basis) to £682.8 million, driven by very strong growth in DCC Energy. DCC Healthcare returned to organic growth in the second half of the year.
· Excellent cash generation, with free cash flow conversion of 100%.
· Proposed increase of 5.0% in annual dividend, marking 30 consecutive years of dividend growth.
· Committed c.£490 million to acquisitions which accelerate the Group’s growth and development.
· Acquisition commitments announced today include Next Energy, which materially enhances DCC Energy’s energy transition capability in the domestic sector in the UK. This acquisition will add to DCC Energy’s share of profits from services, renewable and other products (“SRO”)1, which reached 35% this year (2023: 28%, 2022: 22%), demonstrating progress and momentum in executing DCC Energy’s Cleaner Energy in Your Power strategy.
· DCC expects that the year ending 31 March 2025 will be a year of strong operating profit growth and continued development activity.
Donal Murphy, Chief Executive, commented:
“We are pleased to announce that we delivered a year of growth, development and strategic progress – in our 30th year as a public company. The very strong growth delivered by DCC Energy was the highlight of the year, and it is also encouraging that DCC Healthcare returned to organic growth in the second half of the year. We are executing our Cleaner Energy in Your Power strategy in DCC Energy and have real momentum as we build the offerings that enable customers to make cleaner energy choices. Our growth this year is again testament to our 16,600 people who continue to go above and beyond. As we reflect on three decades of growth, we’re excited about what lies ahead: the growing need for cleaner energy, lifelong health and progressive technology.”
| Financial Highlights | 2024 | 2023 | % change | % change CC2 |
| Revenue | £19.859bn | £22.205bn | -10.6% | -9.6% |
| Adjusted operating profit3 | £682.8m | £655.7m | +4.1% | +5.3% |
| DCC Energy | £503.0m | £457.8m | +9.9% | +10.8% |
| DCC Healthcare | £88.1m | £91.8m | -4.0% | -3.6% |
| DCC Technology | £91.7m | £106.1m | -13.6% | -10.7% |
| Adjusted earnings per share3 | 455.0p | 456.3p | -0.3% | +0.9% |
| Dividend per share | 196.57p | 187.21p | +5.0% | |
| Free cash flow3 | £681.1m | £570.4m | ||
| Return on capital employed3 | 14.3% | 15.1% |
1 SRO = Services, Renewables and Other. Main elements include EMS (solar, renewable electricity), digital fleet services (fuel cards), bio/renewable fuels and non-fuel retail convenience profits
2 Constant currency (‘CC’) represents the retranslation of foreign denominated current year results at prior year exchange rates
3 Refer to Alternative Performance Measures in Supplementary Financial Information for further details
Presentation of results – audio webcast and conference call details
Group and divisional management will host a live audio webcast and conference call of the presentation at 09.00 am BST today. The access details are as follows:
Ireland: +353 (0) 1 691 7842
UK: +44 (0) 20 3936 2999
International: +44 (0) 20 3936 2999
Passcode: 361826
Webcast link: https://www.investis-live.com/dcc/662265a15f683912008965b5/wthbx
This report, presentation slides and a recording of the webcast will be made available at www.dcc.ie.
