DCC, the Irish distribution and sales group, saw its share price moving upwards yesterday despite posting a a small fall in profits.
Profit before exceptional items was down 3 per cent but turnover was up an impressive 37.5 per cent. DCC warned in the summer that its IT division was suffering. For the six months ended 30 September 2005 DCC brought in revenues of €1, 527.5m and made an operating profit of €38.6m
Jim Flavin, DCC's chief executive, said: "DCC achieved excellent growth in its Healthcare and Food and Beverage divisions and good growth in its Energy and Environmental divisions. The IT and Entertainment Products division was adversely affected by tough market conditions."
The IT and Entertainment division made a profit of €7.6m - a fall on 37 per cent on last year. Revenues were down slightly to €448.9m compared to €457.1m in 2004.
Looking forward ,the group is confident of hitting targets of double-digit earnings growth for the full year.
More on DCC website here. ®