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Energy firm looks beyond Europe after record profits

By John Mulligan

Irish distribution giant DCC has said it will make an acquisition outside Europe, as it reported record profits of £300m.

But chief executive Tommy Breen said he won't commit to a timeline or any particular geography.

"Energy is the most obvious area that you'd say there'd be opportunity for us to expand outside of Europe, but there may be other businesses as well where that will happen... we've already started seeing opportunities elsewhere and we'll wait until we think the time is right," said Mr Breen.

The company owns DCC Energy Ltd in Northern Ireland, which operates two terminals in Belfast importing oil, marketed as Emo, and LPG, sold as Flogas, into the province.

Mr Breen was speaking as DCC - whose activities stretch from the distribution of fuel, healthcare and technology to the operation of service stations across Europe, as well as waste management - reported record profits for its financial year ended in March. Operating profit soared under 36% to £300.5m while revenue was unchanged at £10.6bn. Excluding its energy division, revenue was 3.5% higher at £3.08bn. DCC is the UK's largest supplier of home heating oil.

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