May 16, 2017 / 7:01 AM / 3 years ago

DCC forecasts another year of profit growth after profit beat

(Reuters) - Support services company DCC Plc said on Tuesday it expected another year of profit ahead after growth across its divisions helped it beat profit expectations for the year ended in March.

DCC, which provides services ranging from distributing oil to making skin care products such as The Body Shop’s body butters, said its full-year continuing operating profit, which excludes the impact of the environmental unit, rose 20.9 percent to 345 million pounds.

Analysts on an average were expecting a comparable profit of 341 million pounds, according a company-compiled consensus.

Last month, DCC announced the sale of its environmental business to private equity firm Exponent for 219 million pounds, including debt.

It also named the head of its energy division, Donal Murphy, successor to its retiring CEO and said it would buy Shell’s liquid petroleum gas business in Hong Kong and Macau, as part of a drive to focus more on energy - its largest unit.

“The Group continues to have the ambition, capacity and opportunity for further development. We expect that the coming year will be another year of profit growth and development for DCC,” outgoing CEO Tommy Breen said in a statement on Tuesday.

Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri

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