Latest news with #DCCEnergy
Irish Independent
22-07-2025
- Business
- Irish Independent
DCC seeks fast-track of process to return cash to investors
DCC PLC is the parent of DCC Energy, which specialises in the sale, marketing and distribution of clean energy solutions, and of DCC Technology, a specialist distribution partner for global technology and appliance brands and customers. It was also the parent of DCC Healthcare, a provider of high-quality medical devices and other healthcare products, and also partners with brands to create and manufacture health and beauty products, until it decided to sell that division. A large proportion of the income of DCC group, which is London-listed and Dublin-headquartered, is generated in the UK. In November last, DCC announced it would focus on the energy division and began preparations for the sale of the healthcare division, CEO Donal Murphy said in an affidavit. In April, an agreement was entered into to sell the division and in May it announced it intended to return £800m (€923m) to shareholders, he said, through a reduction in share capital. Mr Murphy said the capital reduction is a step in the larger process of focusing the business of the company on the energy sector and deploying the proceeds of the sale of the healthcare division for the benefit of the shareholders. He was commenting as the company sought to have the legal process entered in the fast-track Commercial Court. It is envisaged the transaction will be completed by September. Lyndon MacCann SC, who made the application to Mr Justice Mark Sanfey yesterday, said he was looking for a date for a hearing of the matter during the court vacation in August. The judge said while it was not normal to deal with such applications in August, he understood the urgency of the matter. He said he would be writing up judgments in August and he would hear it during that week. In April, DCC announced the sale of the healthcare arm to HealthCo Investment – a subsidiary of European investment firm Investindustrial Advisors – in a deal valuing the division at £1.05bn. The sale price was lower than analysts had anticipated, reflecting market volatility at the time, in the wake of the shock unleashed by US president Donald Trump's so called 'Liberation Day' tariffs announcement that month.
Irish Times
21-07-2025
- Business
- Irish Times
DCC applies for court approval for €1bn capital reduction
Stock market-listed conglomerate DCC has applied to the Commercial Court for approval of a reduction in its share capital by nearly €1 billion following the sale of its healthcare division. DCC plc is the parent of DCC Energy, which specialises in the sale, marketing and distribution of clean energy solutions, and of DCC Technology, a specialist distribution partner for global technology and appliance brands and customers. It was also the parent of DCC Healthcare, a provider of high quality medical devices and other healthcare products, and also partners with brands to create and manufacture health and beauty products, until it decided to sell that division. A large proportion of the income of DCC group, which is London-listed and Dublin-headquartered, is generated in the UK. READ MORE In November, DCC announced it would focus on the energy division and began preparations for the sale of the healthcare division, chief executive Donal Murphy said in an affidavit. In April, an agreement was entered into to sell the division and in May it announced it intended to return £800 million (€923 million) to shareholders, he said, through a reduction in share capital. Mr Murphy said the capital reduction and in seeking to have it entered into the fast track Commercial Court, are a step in the larger process of focusing the business of the company on the energy sector and deploying the proceeds of the sale of the healthcare division for the benefit of the shareholders. It is envisaged the transaction will be completed by September. Lyndon MacCann SC, who made the application to Mr Justice Mark Sanfey on Monday, said he was looking for a date for hearing of the matter during the court vacation in August. The judge said while it was not normal to deal with such applications in August, he understood the urgency of the matter. He said he would be writing up judgments in August and he would hear it during that week.
Irish Examiner
13-05-2025
- Business
- Irish Examiner
Support services firm DCC sees profit of its remaining divisions increase by nearly 3%
DCC, the Dublin-headquartered support services firm, saw an 2.9% increase in adjusted operating profit during its most recent financial year driven by growth in its energy division. The firm is made up of three divisions; energy, technology, and healthcare but in April it announced the sale of its healthcare division in a deal worth just over £1bn. The deal is subject to regulatory approvals and is expected to complete in the third quarter of this calendar year. The company's preliminary results for the financial year ending on March 31, 2025 account for this sale. According to the company's results, its two remaining divisions generated adjusted operating profit of £617.5m (€726.7m) , an increase of 2.9% year-on-year. Operating profit from its discontinued operations - DCC Healthcare - stood at £86.1m. Profit in its energy division increased by 6.5% to £535.5m while profit in its technology division declined by 15.7% to £82m. Group revenue decreased by 4.5% to £18bn due to lower revenue in DCC Energy where average commodity prices were lower. Donal Murphy, chief executive of DCC, said they are pleased to report another year of 'good growth' while making 'strategic progress to simplify the group to focus on our opportunity in energy'. 'Our sale of DCC Healthcare enables a material return of capital to shareholders. We will focus our efforts on Energy, our largest and highest-returning business. We are energised about the future,' he said. The company said it intends to return up to £800m of DCC Healthcare divestment proceeds to shareholders, commencing shortly with a £100m share buyback programme. The company said it expects to see good operating profit growth during this current financial year.
