By Christian Moess Laursen
DCC has reaffirmed its fiscal 2024 guidance after reporting first-quarter operating profit in line with expectations. In addition, Chief Executive Donal Murphy has returned to work following a temporary leave.
Operating profit for the quarter ended June 30 met expectations and showed a slight improvement compared to the same period last year. The strong performance of the energy solutions business led to significant growth in DCC Energy. Similarly, DCC Vital also reported good growth.
However, both DCC Technology and DCC Healthcare experienced a decline in operating profit compared to the previous year, mainly due to challenging market conditions. The healthcare unit specifically saw customer destocking, according to the FTSE 100 company.
Despite these challenges, DCC remains optimistic about its future. The company reiterated its expectations for operating profit growth in fiscal 2024. DCC also indicated its continued interest in acquisitions, with a promising pipeline of opportunities.
DCC confirmed that Donal Murphy has made a full return to work as of June, following his temporary leave to address a medical condition.
DCC is scheduled to release its interim results for the half-year ending September 30 on November 14.