Flogas-owner DCC enters electricity market and sees no Covid profit hit
Diversified services group DCC has continued to trade strongly through the Covid-19 disruptions, helped largely by its energy division, which has continued to acquire businesses in Ireland and the US.
The group, through its Flogas subsidiary, has also entered the Irish electricity market via acquisition.
Dublin-based DCC said that while the first quarter of its financial year – the three months to the end of June – is typically a modest contributor to annual profits, it has traded “robustly” through the early months of the Covid disruption.
It said it has been “significantly profitable” in April and the early weeks of May. DCC said it is in a "very strong position to navigate this period of uncertainty" due to a resilient business model and financial strength.
Its Flogas Ireland subsidiary has entered into the all-island electricity market through the acquisition of Derry-based company Budget Energy, which is one of the North’s leading electricity suppliers.
Posting results for the 12 months to the end of March, DCC said revenues fell 3.1% to £14.8bn (€16.6bn), but adjusted operating profits rose over 7% to £494.3m (€555.9m).
