REG - DCC PLC - Results for the six months ended 30 September 2025
Today 07:00
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RNS Number : 9591G DCC PLC 11 November 2025
11 November 2025
Interim results for the six months ended 30 September 2025
Significant progress executing strategic plan
· Completed the sale of DCC Healthcare in September, the sale of DCC
Technology's Info Tech business in the UK & Ireland in October and
returned £100 million of capital to shareholders.
· As stated on 10 September 2025, DCC intends to launch a £600 million
tender offer shortly and expects that it will be completed in December 2025.
Reiterating full year guidance, trading improved quarter on quarter
· Continuing adjusted operating profit declined by 5.4% in the seasonally
less significant first half of the financial year. This resulted from strong
prior year comparatives, the impact of mild weather in the early months of the
year and the disposal of our Hong Kong & Macau business in July 2024.
· Although operating profit declined in the first quarter of the financial
year, trading improved in the second quarter leading to modest operating
profit growth in that quarter.
· Organic growth in Mobility and in Energy Services partly offset lower
profits in Energy Products.
· Since May 2025, DCC has committed approximately £50 million to liquid gas
acquisitions.
· Continuing adjusted earnings per share declined 4.2% (4.4% constant
currency).
· Interim dividend up 5.0% to 69.50 pence per share, reflecting confidence in
the full year outlook.
· DCC continues to expect that the year ending 31 March 2026 will be a year
of good operating profit growth on a continuing basis, significant strategic
progress and ongoing development activity.
Donal Murphy, Chief Executive, commented:
"It has been a period of significant strategic progress. We completed the sale
of our Healthcare business, the sale of our Info Tech business, and our £100
million share buyback programme. We expanded our liquid gas activities in
Europe, a priority for growth where we have a good pipeline of further
development opportunities. We continue to expect good profit growth for the
full year in line with market expectations, demonstrating our resilient
business model. We are excited about our growth opportunities as a simpler,
stronger DCC Energy. We're on track to deliver our 2030 ambition."
Financial Highlights 2025 20241 % change % change CC2
Adjusted operating profit3
- Solutions £101.8m £113.1m -10.0% -10.8%
- Mobility £71.5m £69.5m +2.8% +2.0%
DCC Energy £173.3m £182.6m -5.2% -5.9%
DCC Technology £33.4m £35.9m -6.9% -2.0%
Adjusted operating profit - continuing1 £206.7m £218.5m -5.4% -5.3%
Adjusted earnings per share - continuing(1) 120.8p 126.1p -4.2% -4.4%
Interim dividend 69.50p 66.19p +5.0%
Net debt (excl. lease creditors) £522.3m £1,092.1m
(1) Refer to the Discontinued Operations note later in the document for
further details
(2 )Constant currency ('CC') represents the retranslation of foreign
denominated current year results at prior year exchange rates
(3) Refer to Alternative Performance Measures in Supplementary Financial
Information for further details
Contact information
Investor enquiries:
Conor Murphy, Chief Financial Officer Tel: +353 1 2799 400
Rossa White, Head of Group Investor Relations & Comms. Email: investorrelations@dcc.ie
Media enquiries:
Sodali & Co (Eavan Gannon/Pete Lambie) Tel: +44 20 7250 1446
Email: DCCGroup@sodali.com
Presentation: Interim results - audio webcast and conference call details
Group management will host a live audio webcast and conference call of the
presentation at 09.00 GMT today. The slides for this presentation can be
downloaded from DCC's website, www.dcc.ie (http://www.dcc.ie) .
The access details are as follows:
Ireland: +353 (0) 1 691 7842
UK: +44 (0) 203 936 2999
International: +44 (0) 203 936 2999
Passcode: 711604
Webcast link:
https://www.investis-live.com/dcc/68ff89a23b61dc001084c3ae/bnbl
(https://www.investis-live.com/dcc/68ff89a23b61dc001084c3ae/bnbl)
This report, presentation slides and a replay of the audio will be made
available at www.dcc.ie (http://www.dcc.ie) .
About DCC plc
Invested in Energy
DCC is a customer-focused energy business, specialising in the sales,
marketing, and distribution of secure, cleaner and competitive energy
solutions to commercial, industrial, domestic, and transport customers.
Headquartered in Dublin, DCC is listed on the London Stock Exchange and is a
constituent of the FTSE 100. In our financial year ended 31 March 2025, DCC
generated revenues of £16.1 billion and adjusted operating profit of £609.7
million on continuing operations. DCC has an excellent record, delivering
compound annual growth of 13% in continuing adjusted operating profit and
unbroken dividend growth of 13% while maintaining high returns on capital
employed over 31 years as a public company.
Follow us on LinkedIn (https://www.linkedin.com/company/dcc-plc) .
www.dcc.ie (http://www.dcc.ie)
Forward-looking statements
This announcement contains some forward-looking statements that represent
DCC's expectations for its business, based on current expectations about
future events, which by their nature involve risk and uncertainty. DCC
believes that its expectations and assumptions with respect to these
forward-looking statements are reasonable; however, because they involve risk
and uncertainty as to future circumstances, which are in many cases beyond
DCC's control, actual results or performance may differ materially from those
expressed in or implied by such forward-looking statements.
Strategic PROGRESS update
In November 2024, DCC announced its plan to simplify the Group's operations
and focus on the growth and development of DCC Energy, the largest and highest
returning division of the Group. In the 12 months since this announcement, we
have made significant progress in executing this strategy, including:
Sale of DCC Healthcare
In September 2025, DCC announced that it had completed the sale of DCC
Healthcare to HealthCo Investment Limited, an independently managed investment
subsidiary of funds managed and/or advised by Investindustrial Advisors
Limited. Further details on the transaction can be found in DCC's stock
exchange announcements of 22 April 2025 and 10 September 2025.
Return of capital to shareholders
On 13 May 2025, DCC announced that it intends to return £800 million from the
sale of DCC Healthcare to its shareholders. DCC commenced this process in May
with the launch of a £100 million on-market share buyback programme. That
programme completed in September with 2.1 million shares repurchased
(representing 2.1% of issued share capital).
DCC also intends to launch a £600 million tender offer shortly, with the
expectation of completing the tender offer in December 2025.
The final £100 million will be returned to shareholders following receipt of
the unconditional deferred consideration payable for DCC Healthcare in
approximately two years.
DCC Technology
In November 2025, DCC announced that it had completed the sale of DCC
Technology's Info Tech business in the UK and Ireland to AURELIUS, a globally
active private equity investor. Further details on the transaction can be
found in DCC's stock exchange announcements of 14 July 2025 and 3 November
2025.
The remainder of DCC Technology, is a leader in the sales, marketing and
distribution of specialist Pro AV, Pro Audio and related products and
services. The business is predominantly based in North America. We are making
good progress with our integration plan in North America, which we announced a
year ago. It is our intention to have reached agreement for the sale of our
remaining Technology business by the end of calendar year 2026.
Group & divisional performance Review
A summary of the Group's results for the six months ended 30 September 2025 is
as follows:
Restated1
2025 2024
Continuing operations1 £'m £'m % change
Revenue 7,381 7,945 -7.1%
Adjusted operating profit2
DCC Energy 173.3 182.6 -5.2%
DCC Technology 33.4 35.9 -6.9%
Group adjusted operating profit2 206.7 218.5 -5.4%
Finance costs (net) and other (46.3) (52.7)
Profit before net exceptionals, amortisation of intangible assets and tax 160.4 165.8 -3.3%
Net exceptional charge before tax and non-controlling interests (30.9) (12.9)
Amortisation of intangible assets (51.8) (47.4)
Impairment of intangible assets and goodwill (57.8) -
Profit before tax 19.9 105.5
Taxation (16.9) (21.8)
Profit after tax - continuing operations1 3.0 83.7
(Loss)/profit after tax - discontinued operations1 (179.1) 20.5
Total (loss)/profit after tax (176.1) 104.2
Non-controlling interests (7.2) (7.6)
Attributable loss/profit (183.3) 96.6
Adjusted earnings per share - continuing1 120.8p 126.1p -4.2%
Total adjusted earnings per share 130.2p 158.5p -17.8%
Dividend per share 69.50p 66.19p +5.0%
Free cash flow(2) 24.1 (15.8)
Net debt at 30 September (excluding lease creditors) (522.3) (1,092.1)
Lease creditors (337.5) (354.6)
Net debt at 30 September (including lease creditors) (859.8) (1,446.7)
(1) Refer to the Discontinued Operations note later in the document for
further details
(2) Refer to Alternative Performance Measures in Supplementary Financial
Information for further details
Income Statement Review
Group revenue - continuing operations
Group revenue decreased by 7.1% (7.0% on a constant currency basis) to £7.4
billion, primarily due to lower revenue in DCC Energy, reflecting lower
commodity prices and a decline in volumes.
DCC Energy sold 6.8 billion litres of Energy products in the first half of the
year. Volumes in Energy Products decreased by 4.9% due to the disposal of our
Hong Kong & Macau business in the prior year, milder weather in the first
quarter, and lower commercial demand in a few markets. Fuel volumes in
Mobility decreased by 4.6%, due to proactive margin management resulting in
lower volumes. Revenue in Energy Services increased by 14.3% to £177.0
million.
Revenue in DCC Technology was £1.3 billion, a decrease of 2.7% (0.2% on a
constant currency basis). Good performance in professional AV and audio
products in North America was offset by weak consumer demand and the impact of
tariff uncertainty in lifestyle products.
Group adjusted operating profit - continuing operations
Group adjusted operating profit decreased by 5.4% to £206.7 million (5.3% on
a constant currency basis), in the seasonally less significant first half of
the year.
Details of the operating performance in DCC Energy and DCC Technology are set
out on pages 7 to 10.
The impact on reported Group adjusted operating profit of foreign exchange
(FX) translation, M&A and organic growth was as follows:
Period FX translation M&A Organic Reported growth
H1 FY26 -0.1% -0.5% -4.8% -5.4%
H1 FY25 -1.3% +6.3% -4.9% +0.1%
The net impact of FX translation in the first half of the year was a headwind
of 0.1%, or £0.4 million, in the reported growth in adjusted operating
profit. This reflects average sterling exchange rates strengthening against
the US Dollar and weakening against the Euro and other Group reporting
currencies during the period.
The net impact of M&A in the period was a headwind of 0.5% reflecting the
prior year acquisitions of Coprodiag, Acteam and MG Habitat (+1.4%) which was
more than offset by the disposal of our liquid gas business in Hong Kong &
Macau in the prior year (-1.9%).
The Group's organic operating profit declined by 4.8%.
Discontinued operations
On 3 November 2025, DCC announced the completion of the sale of DCC
Technology's Info Tech business in the UK and Ireland. The conditions for the
Info Tech businesses to be classified as a discontinued operation have been
satisfied, and, accordingly, the results of this business are presented as
discontinued operations in the Group Income Statement and the associated
assets and liabilities are classified as assets held for sale at the balance
sheet date.
In addition, the Group announced the completion of the sale of DCC Healthcare
on 10 September 2025. The conditions for the Healthcare division to be
classified as a discontinued operation were satisfied in the year ended 31
March 2025, and, accordingly, the results of this division continue to be
presented as discontinued operations in the Group Income Statement for the six
months ended 30 September 2025.
The prior year comparatives have been restated accordingly.
Divisional Performance Reviews
DCC Energy 2025 2024 % change % change CC
Gross profit £806.3m £830.1m -2.9% -3.1%
Operating profit £173.3m £182.6m -5.2% -5.9%
Organic growth -5.2% +1.0%
· DCC Energy operating profit decreased by 5.2% in the seasonally less
significant first half of the financial year, following two years of strong
first half growth.
· Operating profit in the first quarter was lower than the prior year, which
was in line with our expectations. Trading improved in the second quarter:
operating profit was modestly ahead of the prior year in that quarter.
· Solutions operating profit declined by 10.0%, driven by Energy Products
where operating profit declined by 12.8%. Energy Services increased operating
profit by 8.5%, led by our business in France.
· Mobility grew operating profit by 2.8%, driven by continued margin
development and growth in fleet services.
· Since our full year results in May, we have expanded our liquid gas
activities in Europe - a key priority for growth. In October 2025 we announced
the acquisitions of the FLAGA liquid gas business in Austria and a cylinder
business in the UK.
Solutions (59% of operating profit) 2025 2024 % change % change CC
Gross profit £600.4m £629.6m -4.6% -4.7%
Operating profit £101.8m £113.1m -10.0% -10.8%
Organic growth -9.4% -2.2%
Solutions (Energy Products and Energy Services)
We operate our Solutions business across four regions: Continental Europe, the
UK & Ireland, the Nordics and the US. We provide customers with solutions
across both Energy Products and Energy Services. Solutions gross profit
declined by 4.6%, while operating profit was 10.0% lower than the previous
year at £101.8m. In the first quarter, profit was lower than the prior year.
In the second quarter, trading improved and was ahead of the prior year.
Energy Products
Energy Products (50% of DCC Energy's operating profit) is the most material
part of Solutions and includes liquid gas (off the natural gas grid), liquid
fuels, grid gas and power. Operating profit declined by 12.8% in the
seasonally less significant first half, due to challenging prior year
comparatives, the disposal of our business in Hong Kong & Macau in the
prior year (impacting Energy Products operating profit by 4.1%), milder
weather in the early months of the year and lower demand in several
geographies. Volumes decreased by 4.9%, while gross profit was down 6.8% on
the prior year.
Energy Products Energy Services
(50% of operating profit) (9% of operating profit)
Solutions (59% of operating profit) 2025 2024 % change 2025 2024 % change
Volumes (billion litre equivalent)1 4.6bn 4.9bn -4.9%
Revenue £177.0m £154.9m +14.3%
Gross profit £531.8m £570.6m -6.8% £68.6m £59.0m +16.3%
Gross margin (pence per litre) 11.5 11.8
Operating profit £85.7m £98.3m -12.8% £16.1m £14.8m +8.5%
Operating margin (pence per litre) 1.9 2.0
Operating margin % 9.1% 9.6%
(1) Billion litres equivalent provides a standard metric for the different
products and solutions that DCC Energy sells. Metric tonnes and kilowatts of
power are converted to litres.
Operating profit declined in our Continental European business, driven by
lower residential and agricultural demand in France due to warmer weather in
the first quarter. Germany and Austria performed robustly, although profits
were lower in the Netherlands. We recently announced the signing of the
acquisition FLAGA, a liquid gas business in Austria, which is expected to
complete later in this financial year. The acquisition is in line with our
strategic priorities and is complementary to our existing business in Austria.
In the UK & Ireland operating profit declined, mainly driven by our Irish
gas and power business, which we expected after a very strong performance in
the prior year. Our UK business grew modestly driven by a strong liquid gas
performance, though milder weather in the early months of the year impacted
demand. We acquired a liquid gas cylinder business in the UK, which is a
small, highly complementary, bolt-on acquisition with an attractive customer
base.
In the Nordics operating profit was lower than the prior year, due to lower
commercial and industrial demand in our liquid gas business after very strong
growth in the prior year. Performance was robust in Denmark, where we managed
margins well to offset lower volumes.
In the US volumes were in line with the prior year, despite warmer weather
early in the first quarter. Performance was ahead of the prior year, driven by
cost management.
Energy Services
Energy Services accounted for 9% of DCC Energy operating profit in the first
half of the year. Revenue increased by 14.3% and gross profit grew by 16.3%.
Strong growth in France drove an increase of 8.5% in operating profit. We
increased investment in our business platform to facilitate future growth and
this did impact our operating margin.
Growth in Energy Services in Continental Europe was driven by our largest
business in France, which again delivered an excellent performance. The
business achieved strong growth and benefited from acquisitions completed in
the prior year (Coprodiag, Acteam and MG Habitat), which performed well.
Despite a weaker market backdrop in Germany, our business grew strongly.
Operating profit declined in the UK, where we faced challenging market
conditions. Demand from commercial and industrial customers was lower than the
prior year, primarily because of weaker economic conditions.
Mobility (41% Operating profit) 2025 2024 % change % change CC
Volumes (billion litre equivalent) 2.2bn 2.3bn -4.6%
Gross profit £205.9m £200.6m +2.7% +1.8%
- Of which fuel £143.0m £139.8m +2.3%
- Of which non-fuel services £62.9m £60.8m +3.5%
Gross fuel margin (pence per litre) 6.6 6.2
Operating profit £71.5m £69.5m +2.8% +2.0%
Organic growth +1.7% +5.9%
Mobility
Our Mobility business operates retail services stations and truck stops for
vehicles and provides fleet services across fuel cards, telematics and digital
truck parking.
Mobility performed well in the first half. Operating profit increased by 2.8%
(2.0% at constant currency), of which organic growth was 1.7%. Gross profit
grew by 2.7%.
Volumes declined by 4.6% as we proactively managed both volumes and margins
across each of our regions. Mobility markets continue to see a trend towards
electrification, particularly in the Nordic regions, which impacts volumes but
benefits our non-fuel revenues and margins. Our business continued to
develop its customer value proposition, intentionally ceasing some lower
margin volumes particularly in the Nordics and the UK. Our business in
France and Luxembourg continued to perform well with continued development of
our customer offerings across the network in a competitive market. Our
disciplined approach to margin management, along with procurement initiatives,
delivered growth of 2.3% in gross profit across our service station network.
In non-fuel services, we increased gross profit by 3.5%. Fleet services
accounted for approximately 60% of our non-fuel services gross profit in the
first half. In fleet services, we delivered strong organic growth complemented
by a modest contribution from acquisitions. We achieved growth across all our
fleet services, enhancing customer propositions across our fuel card,
telematics and digital truck offerings. Service stations account for the
remainder of non-fuel services, where we continued to broaden our non-fuel
offering including electric vehicle charging services, car wash and
convenience retail.
We recently completed the acquisition of a modest fleet services business in
Norway, which has been fully integrated into our business. This provides a new
growth opportunity for our business in Norway.
DCC Technology - continuing1 Restated(1)
2025 2024 % change % change CC
Revenue £1.319bn £1.355bn -2.7% -0.2%
Gross profit £190.1m £199.8m -4.8% -1.9%
Operating profit £33.4m £35.9m -6.9% -2.0%
Operating margin 2.5% 2.6%
(1 )Refer to the Discontinued Operations note earlier in the document for
further details
· In November 2025, DCC announced that it had completed the sale of DCC
Technology's Info Tech business in the UK and Ireland to AURELIUS. The
remainder of DCC Technology, our specialist Pro Tech business, is
predominantly based in North America. There is a small minority of activities
in Europe. DCC Technology is a global leader in the sales, marketing and
distribution of Pro AV, Pro Audio and related products; we also sell
specialist Lifestyle products.
· Our continuing DCC Technology business recorded operating profit of £33.4
million, a decline of 6.9%. Operating profit decreased by 2.4% organically.
Most of the operating profit of the business originates in North America, so
the currency translation impact was significant in the first half of the year.
Therefore, on a constant currency basis operating profit declined marginally
by 2.0%.
· Continuing revenue decreased by 2.7% (-0.2% constant currency), while
operating margin was 2.5%.
· In North America where we are the leading specialist distributor in the
market, our sales, marketing and distribution of Pro specialist products
performed well as we gained market share.
· Our sales of Lifestyle products declined, because of weak consumer demand
and the negative impact of tariffs. Tariff uncertainty caused demand to be
pulled forward in the first quarter but limited stock availability and other
tariff-related challenges in the second quarter more than negated that initial
positive impact, leading to lower profits overall in the first half.
· We delivered good growth in our continuing Pro Tech distribution business
in Europe.
· We are making steady progress with our integration and operational
efficiency programme in North America, which is delivering to plan.
· It is our intention to have reached agreement for the sale of our
remaining Technology business by the end of calendar year 2026.
Finance costs (net) and other
Net finance costs and other, which includes the Group's net financing costs,
lease interest and the share of profit of associated businesses, decreased to
£46.3 million (2024: £52.7 million). Average net debt, excluding lease
creditors, reduced to £1.1 billion in the period, compared to £1.3 billion
in the prior year, benefiting from the cash proceeds received from the sale of
DCC Healthcare. This reduction, combined with a lower interest rate
environment on our floating rate gross debt were the main drivers of the
decrease in finance costs. Approximately 75% of the Group's gross debt is
fixed (30 September 2024: c.70%). Additionally, our minority shareholding in
our liquid gas business in Hong Kong & Macau contributed positively to the
profit from associated businesses.
Net exceptional items and amortisation of intangible assets
The Group recorded a net exceptional charge after tax of £267.2 million in
the first six months of the year as follows:
Note £'m
Impairment of tangible assets (a) (17.5)
Restructuring and integration costs and other (b) (12.0)
Acquisition and related costs (c) (2.3)
Adjustments to contingent acquisition consideration (d) 1.0
IAS 39 mark-to-market charge (e) (0.1)
(30.9)
Impairment of goodwill and intangible assets (a) (57.8)
Net exceptional items before tax - continuing (88.7)
Tax attaching to exceptional items (a) 5.9
Net exceptional items after tax - continuing (82.8)
Net exceptional items after tax - discontinued (f) (184.4)
Net exceptional charge (267.2)
(a) An impairment charge has been recognised in relation to a DCC Technology
business in the Netherlands following a decision to exit this business in the
second half of this financial year. The impairment relates to tangible assets
and a non-cash impairment charge in relation to goodwill and intangible
assets. The Group has also recognised a non-cash impairment charge in relation
to goodwill and intangible assets in our solar distribution business in the
Netherlands following a continued deterioration in the medium-term outlook for
the business. There was a related tax credit of £5.9 million in relation to
these charges.
(b) Restructuring and integration costs and other of £12.0 million mainly
relates to the restructuring of operations across a number of businesses and
recent acquisitions. The majority of the cost relates to optimisation and
integration of continuing operations in the Technology division in North
America.
(c) Acquisition and related costs include the professional fees and tax costs
relating to the evaluation and completion of acquisition opportunities and
amounted to £2.3 million.
(d) Adjustments to contingent acquisition consideration of £1.0 million
reflects movements in provisions associated with the expected earn-out or
other deferred arrangements that arise through the Group's corporate
development activity.
(e) The level of ineffectiveness calculated under IAS 39 on the hedging
instruments related to the Group's US private placement debt is charged or
credited as an exceptional item. In the six months ended 30 September 2025
this amounted to an exceptional non-cash charge of £0.1 million. The
cumulative net exceptional credit taken in respect of IAS 39 ineffectiveness
was £0.1 million. This, or any subsequent similar non-cash charges or gains,
will net to zero over the remaining term of this debt and the related hedging
instruments.
(f) The charge for net exceptional items on discontinued operations of £184.4
million primarily relates to DCC Technology's Info Tech business in the UK and
Ireland. In November 2025 the Group announced the completion of the sale of
this business and the proceeds on disposal are expected to give rise to an
impairment loss of approximately £237.8 million which has been recognised in
the current period. The Group recognised a net profit on the disposal of the
Healthcare division of £56.4 million (after costs) which was completed in
September 2025.
The charge for the amortisation of acquisition related intangible assets
increased slightly to £51.8 million from £47.4 million in the prior period.
Taxation
The effective tax rate for the Group in the first half of the year of 21.9% is
based on the anticipated mix of profits for the full year. It compares to a
full year effective tax rate in the prior year of 20.3%. The Group's effective
tax rate is influenced by the geographical mix of profits arising in any year
and the tax rates attributable to the individual jurisdictions. The higher tax
rate reflects corporation tax increases in certain jurisdictions.
Adjusted earnings per share - continuing
Adjusted earnings per share decreased by 4.2% to 120.84 pence (4.4% on a
constant currency basis).
Dividend
The Board has decided to pay an interim dividend of 69.50 pence per share,
which represents a 5.0% increase on the prior year interim dividend of 66.19
pence per share. This dividend will be paid on 12 December 2025 to
shareholders on the register at the close of business on 21 November 2025.
Over our 31 years as a listed company, DCC has an unbroken record of dividend
growth at a compound annual rate of 12.9%.
Cash Flow, Development activity & Financial strength
Cash flow
As with its operating profit, the Group's operating cash flow is significantly
weighted towards the second half of the financial year. The cash flow of the
Group for the six months ended 30 September 2025 can be summarised as follows:
Six months ended 30 September 2025 2024
£'m £'m
Group operating profit 219.2 259.3
Increase in working capital (188.5) (265.8)
Depreciation (excluding ROU leased assets) and other 78.6 82.6
Operating cash flow (pre add-back for depreciation on ROU leased assets) 109.3 76.1
Capital expenditure (net) (79.7) (86.1)
29.6 (10.0)
Depreciation on ROU leased assets 44.7 43.3
Repayment of lease creditors (50.2) (49.1)
Free cash flow 24.1 (15.8)
Interest and tax paid, net of dividend from equity accounted investments (106.8) (92.8)
Free cash flow (after interest and tax) (82.7) (108.6)
Acquisitions (26.1) (164.1)
Disposal of subsidiaries 758.6 76.2
Dividends (148.3) (132.8)
Exceptional items (11.9) (26.1)
Share buyback / share issues (99.1) -
Net inflow/(outflow) 390.5 (355.4)
Opening net debt (including lease creditors) (1,152.1) (1,147.1)
Translation and other (98.2) 55.8
Closing net debt (including lease creditors) (859.8) (1,446.7)
Analysis of closing net debt (including lease creditors):
Net debt at 30 September (excluding lease creditors) (522.3) (1,092.1)
Lease creditors at 30 September (337.5) (354.6)
(859.8) (1,446.7)
Free cash flow generation
Free cash flow in the six months ended 30 September 2025 of £24.1 million
compares to an outflow of £15.8 million in the prior year. On a rolling
12-month basis (i.e., H1 FY26 and H2 FY25 cumulatively), free cash flow
conversion is excellent at 95%, up from 88% in the 12 months to 30 September
2024.
Working capital
As expected, working capital increased by £188.5 million in the first half of
the financial year, reflecting the Group's typical seasonal outflow. The
seasonal working capital requirements are driven particularly by DCC
Technology and, as usual, are expected to largely reverse in the second half
of the year. Working capital increased by £134.4 million for continuing
operations with the balance of £54.1 million relating to discontinued
operations.
The absolute value of working capital at 30 September 2025 for continuing
operations decreased to £294.8 million (£308.8 million at 30 September
2024). The decrease was driven by ongoing working capital improvements in
Solutions offset by increased short term stock holding requirements in
Mobility to ensure customer service. Overall working capital days at 30
September 2025 for continuing operations was 6.5 days sales (30 September
2024: 6.9 days sales).
Post the completion of the sale of Info Tech, announced on 3 November 2025,
supply chain financing is no longer a feature of DCC Technology. The level of
supply chain financing at 30 September 2025 was £145.4 million (30 September
2024: £160.0 million).
Net capital expenditure
Net capital expenditure for the six months of £79.7 million (2024: 86.1
million) was net of disposal proceeds (£16.7 million) and reflects continued
investment in development initiatives across the Group.
2025 2024
£'m £'m
DCC Energy 70.4 71.9
DCC Technology 2.1 1.7
Net capital expenditure - continuing 72.5 73.6
Net capital expenditure - discontinued 7.2 12.5
Total 79.7 86.1
Capital expenditure in DCC Energy remained consistent with the prior period
and primarily comprised expenditure on tanks, cylinders and installations
within Solutions to support new and existing liquid gas customers. In
Mobility, we invested to maintain our service station network and to upgrade
our capability across the business, adding electric vehicle fast charging and
other forecourt services. In DCC Technology, capital expenditure focused on
digital enhancements in North America.
Net capital expenditure for the Group was below the depreciation charge of
£85.3 million (excluding right-of-use leased assets) in the period by £5.6
million.
Acquisitions
The total cash spend on acquisitions in the six months ended 30 September 2025
was £19.9 million. Payment of deferred and contingent acquisition
consideration previously provided amounted to £6.2 million. Committed
acquisitions in the period amounted to £58.9 million as follows:
2025 2024
£'m £'m
DCC Energy 54.3 105.6
DCC Technology 4.6 8.4
Total 58.9 114.0
Development is a key part of DCC's business model. The Group's recent
acquisitions include:
DCC Energy
DCC Energy has committed approximately £54.3 million to new acquisitions to
support its strategy.
· In October 2025, DCC Energy announced it had agreed to acquire FLAGA GmbH
("FLAGA"), a leading distributor of liquid gas in Austria, from UGI
International, LLC. FLAGA, founded in 1947, is headquartered in Vienna, and
employs approximately 90 people. The business sells and distributes
approximately 45 million litres of liquid gas annually via its nationwide
supply, filling and distribution network. The transaction is subject to
customary regulatory approval and expected to complete by the end of our
financial year. Separately in October 2025, DCC acquired the AvantiGas liquid
gas cylinder business in the UK, also from UGI International, LLC. Further
details on both these transactions can be found in DCC's stock exchange
announcement of 21 October 2025.
· In September 2025, DCC Energy completed the acquisition of Wex Europe
Services AS, the Norwegian branch of Wex Europe Services. Wex Europe Services
AS services both fleet and truck commercial customers in the Norwegian market
with the Esso branded fuel card and is a complementary business to our
existing service station portfolio in Norway.
· DCC Energy also completed a number of small bolt-on acquisitions.
DCC Technology
During the period, DCC Technology acquired the trade and certain assets of
Septon Group AB, a small complementary bolt-on for our existing Nordics Pro
Tech business.
Financial strength
DCC has always maintained a strong balance sheet, and it remains an important
enabler of the Group's strategy. A strong balance sheet provides many
strategic and commercial benefits, including enabling DCC to take advantage of
acquisitive or organic development opportunities as they arise. At 30
September 2025, the Group had net debt (including lease creditors) of £860
million, net debt (excluding lease creditors) of £522 million, cash resources
(net of overdrafts) of £1.4 billion and total equity of £2.7 billion. The
Group intends to return £600 million of capital to shareholders through a
tender offer, which will be launched shortly, utilising current cash
resources.
Historically, the Group raised its term debt in the US private placement
market. More recently, the Group also has become an issuer in the public debt
markets. The Group's term debt has an average maturity of 4.4 years. The Group
repaid £86 million of private placement debt in April 2025.
In November 2023, S&P Global Ratings and Fitch both issued a BBB rating
for DCC, marking the Company's first public credit rating opinions. In June
2024, DCC established a Euro Medium Term Note (EMTN) programme followed by its
inaugural public market debt instrument issuance, a benchmark €500 million
seven-year senior unsecured bond. In July and September 2025, Fitch and
S&P Global Ratings respectively reaffirmed their BBB rating for DCC.
Principal risks and uncertainties
The Board of DCC is responsible for the Group's risk management and internal
control systems, which are designed to identify, manage and mitigate material
risks to the achievement of the Group's strategic and business objectives. The
Board has approved a Risk Management Policy which sets out delegated
responsibilities and procedures for the management of risk across the Group.
The principal risks and uncertainties facing the Group in the short to medium
term, as set out on pages 80 to 84 of the 2025 Annual Report (together with
the principal mitigation measures), continue to be the principal risks and
uncertainties facing the Group for the remaining six months of the financial
year.
This is not an exhaustive statement of all relevant risks and uncertainties.
Matters which are not currently known to the Board or events which the Board
considers to be of low likelihood could emerge and give rise to material
consequences. The mitigation measures that are in place in relation to
identified risks are designed to provide a reasonable and proportionate, and
not an absolute, level of protection against the impact of the events in
question.
Group Income Statement
For the six months ended 30 September 2025
Unaudited 6 months ended Unaudited 6 months ended Audited year ended
30 September 2025 30 September 2024 (Restated*) 31 March 2025 (Restated*)
Pre exceptionals Exceptionals Pre exceptionals Exceptionals Pre exceptionals Exceptionals
(note 6) Total (note 6) Total (note 6) Total
Continuing operations Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 5 7,380,686 - 7,380,686 7,944,592 - 7,944,592 16,095,373 - 16,095,373
Cost of sales (6,383,808) - (6,383,808) (6,914,703) - (6,914,703) (13,854,187) - (13,854,187)
Gross profit 996,878 - 996,878 1,029,889 - 1,029,889 2,241,186 - 2,241,186
Operating costs (790,217) (30,837) (821,054) (811,351) (12,658) (824,009) (1,631,481) (25,068) (1,656,549)
Adjusted operating profit 206,661 (30,837) 175,824 218,538 (12,658) 205,880 609,705 (25,068) 584,637
Intangible asset amortisation (51,754) - (51,754) (47,382) - (47,382) (107,527) - (107,527)
Impairment of intangible assets and goodwill - (57,820) (57,820) - - - - - -
Operating profit 5 154,907 (88,657) 66,250 171,156 (12,658) 158,498 502,178 (25,068) 477,110
Finance costs (55,368) (65) (55,433) (59,410) (259) (59,669) (118,002) (340) (118,342)
Finance income 6,937 - 6,937 6,519 - 6,519 13,154 - 13,154
Equity accounted investments' profit after tax 2,099 - 2,099 184 - 184 3,392 - 3,392
Profit before tax 108,575 (88,722) 19,853 118,449 (12,917) 105,532 400,722 (25,408) 375,314
Income tax expense 7 (22,777) 5,964 (16,813) (23,614) 1,771 (21,843) (78,536) 5,069 (73,467)
Profit from continuing operations 85,798 (82,758) 3,040 94,835 (11,146) 83,689 322,186 (20,339) 301,847
Profit/(loss) from discontinued operations 8 5,267 (184,392) (179,125) 28,434 (7,915) 20,519 65,755 (146,381) (80,626)
Profit/(loss) after tax for the financial period 91,065 (267,150) (176,085) 123,269 (19,061) 104,208 387,941 (166,720) 221,221
Profit/(loss) attributable to:
Owners of the Parent Company 83,898 (267,150) (183,252) 115,611 (19,061) 96,550 373,210 (166,720) 206,490
Non-controlling interests 7,167 - 7,167 7,658 - 7,658 14,731 - 14,731
91,065 (267,150) (176,085) 123,269 (19,061) 104,208 387,941 (166,720) 221,221
Earnings per ordinary share
Basic earnings per share 9 (186.60p) 97.65p 208.78p
Diluted earnings per share 9 (186.38p) 97.60p 208.44p
Adjusted earnings per ordinary share - continuing operations
Adjusted basic earnings per share 9 120.84p 126.13p 395.69p
Adjusted diluted earnings per share 9 120.70p 126.06p 395.05p
*refer to note 8
Group Statement of Comprehensive Income
For the six months ended 30 September 2025
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2025 2024 2025
£'000 £'000 £'000
Group (loss)/profit for the period (176,085) 104,208 221,221
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Currency translation:
- arising in the period (5,428) (88,727) (43,689)
- recycled to the Income Statement on disposal (6,094) (13,041) (13,041)
Movements relating to cash flow hedges (38,828) 23,545 25,323
Movement in deferred tax liability on cash flow hedges 8,461 (4,779) (5,140)
(41,889) (83,002) (36,547)
Items that will not be reclassified to profit or loss
Group defined benefit pension obligations:
- remeasurements 434 (540) (332)
- movement in deferred tax asset (95) 110 28
339 (430) (304)
Other comprehensive income for the period, net of tax (41,550) (83,432) (36,851)
Total comprehensive income for the period (217,635) 20,776 184,370
Attributable to:
Owners of the Parent Company (228,850) 15,365 171,820
Non-controlling interests 11,215 5,411 12,550
(217,635) 20,776 184,370
Attributable to:
Continuing operations (32,674) 11,980 271,566
Discontinued operations (184,961) 8,796 (87,196)
(217,635) 20,776 184,370
Group Balance Sheet
As at 30 September 2025
Notes Unaudited Unaudited Audited
30 Sept. 2025 30 Sept. 2024 31 March 2025
£'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 1,238,679 1,397,165 1,262,386
Right-of-use leased assets 303,939 339,043 298,032
Intangible assets and goodwill 2,274,522 3,070,129 2,413,503
Equity accounted investments 77,380 67,482 71,428
Long-term receivables 119,726 - -
Retirement benefit assets 14 19,956 - -
Deferred income tax assets 88,407 79,276 87,446
Derivative financial instruments 6,300 21,442 24,871
4,128,909 4,974,537 4,157,666
Current assets
Inventories 861,971 1,237,923 940,159
Trade and other receivables 1,516,295 1,854,135 1,975,444
Derivative financial instruments 21,112 25,810 25,321
Cash and cash equivalents 1,326,345 829,583 1,088,175
3,725,723 3,947,451 4,029,099
Assets classified as held for sale 8 372,187 - 1,070,864
4,097,910 3,947,451 5,099,963
Total assets 8,226,819 8,921,988 9,257,629
EQUITY
Capital and reserves attributable to owners of the Parent Company
Share capital 16,970 17,422 17,422
Share premium 16 419 883,893 883,909
Share based payment reserve 11 74,252 68,688 71,350
Cash flow hedge reserve 11 (28,284) 666 2,083
Foreign currency translation reserve 11 (5,246) (34,648) 10,324
Other reserves 11 1,384 932 932
Retained earnings 2,550,473 2,042,215 2,087,407
Equity attributable to owners of the Parent Company 2,609,968 2,979,168 3,073,427
Non-controlling interests 95,950 96,749 94,869
Total equity 2,705,918 3,075,917 3,168,296
LIABILITIES
Non-current liabilities
Borrowings 1,647,726 1,816,571 1,849,217
Lease creditors 252,783 282,012 249,726
Derivative financial instruments 21,530 22,950 19,224
Deferred income tax liabilities 198,120 262,845 223,949
Retirement benefit obligations 14 25,562 6,948 5,884
Provisions for liabilities 294,221 292,520 283,397
Acquisition related liabilities 71,184 135,861 83,547
Government grants 2,450 2,532 2,513
2,513,576 2,822,239 2,717,457
Current liabilities
Trade and other payables 2,118,421 2,619,353 2,763,181
Current income tax liabilities 76,135 65,669 73,781
Borrowings 248,876 112,741 116,825
Lease creditors 68,986 72,644 64,245
Derivative financial instruments 39,551 16,662 11,348
Provisions for liabilities 91,704 71,470 68,660
Acquisition related liabilities 15,859 65,293 10,911
2,659,532 3,023,832 3,108,951
Liabilities associated with assets classified as held for sale 8 347,793 - 262,925
3,007,325 3,023,832 3,371,876
Total liabilities 5,520,901 5,846,071 6,089,333
Total equity and liabilities 8,226,819 8,921,988 9,257,629
Group Statement of Changes in Equity
For the six months ended 30 September 2025
Attributable to owners of the Parent Company
Other Non-
Share Share Retained reserves controlling Total
capital premium earnings (note 11) Total interests equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 April 2025 17,422 883,909 2,087,407 84,689 3,073,427 94,869 3,168,296
(Loss)/profit for the period - - (183,252) - (183,252) 7,167 (176,085)
Other comprehensive income:
Currency translation:
- arising in the period - - - (9,476) (9,476) 4,048 (5,428)
- recycled to the Income Statement on disposal - - - (6,094) (6,094) - (6,094)
Group defined benefit pension obligations:
- remeasurements - - 434 - 434 - 434
- movement in deferred tax asset - - (95) - (95) - (95)
Movements relating to cash flow hedges - - - (38,828) (38,828) - (38,828)
Movement in deferred tax liability on cash flow hedges
- - - 8,461 8,461 - 8,461
Total comprehensive income - - (182,913) (45,937) (228,850) 11,215 (217,635)
Share buyback (inclusive of costs) (452) - (99,539) 452 (99,539) - (99,539)
Re-issue of treasury shares - 419 - - 419 - 419
Reduction in share premium - (883,909) 883,909 - - - -
Share based payment - - - 2,902 2,902 - 2,902
Dividends - - (138,391) - (138,391) (9,900) (148,291)
Disposal of non-controlling interest - - - - - (234) (234)
At 30 September 2025 16,970 419 2,550,473 42,106 2,609,968 95,950 2,705,918
For the six months ended 30 September 2024
Attributable to owners of the Parent Company
Other Non-
Share Share Retained reserves controlling Total
capital premium earnings (note 11) Total interests equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 April 2024 17,422 883,890 2,078,568 111,511 3,091,391 91,641 3,183,032
Profit for the period - - 96,550 - 96,550 7,658 104,208
Other comprehensive income:
Currency translation:
- arising in the period - - - (86,480) (86,480) (2,247) (88,727)
- recycled to the Income Statement on disposal - - - (13,041) (13,041) - (13,041)
Group defined benefit pension obligations:
- remeasurements - - (540) - (540) - (540)
- movement in deferred tax asset - - 110 - 110 - 110
Movements relating to cash flow hedges - - - 23,545 23,545 - 23,545
Movement in deferred tax liability on cash flow hedges
- - - (4,779) (4,779) - (4,779)
Total comprehensive income - - 96,120 (80,755) 15,365 5,411 20,776
Re-issue of treasury shares - 3 - - 3 - 3
Share based payment - - - 4,882 4,882 - 4,882
Dividends - - (132,473) - (132,473) (303) (132,776)
At 30 September 2024 17,422 883,893 2,042,215 35,638 2,979,168 96,749 3,075,917
Group Cash Flow Statement
For the six months ended 30 September 2025
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2025 2024 2025
Notes £'000 £'000 £'000
Cash generated from operations before exceptionals 13 153,980 119,390 856,761
Exceptionals (11,885) (26,085) (55,858)
Cash generated from operations 142,095 93,305 800,903
Interest paid (including lease interest) (63,903) (54,904) (102,998)
Income tax paid (59,825) (52,900) (115,876)
Net cash flow from operating activities 18,367 (14,499) 582,029
Investing activities
Inflows:
Proceeds from disposal of property, plant and equipment 16,731 9,725 44,839
Dividends received from equity accounted investments 23 92 857
Government grants received in relation to property, plant & equipment - 32 340
Disposal of subsidiaries and equity accounted investments 709,567 76,160 61,406
Interest received 10,030 8,628 11,178
736,351 94,637 118,620
Outflows:
Purchase of property, plant and equipment (96,408) (95,878) (214,295)
Acquisition of subsidiaries and equity accounted investments 15 (19,902) (148,353) (167,294)
Payment of accrued acquisition related liabilities (6,228) (15,719) (75,170)
(122,538) (259,950) (456,759)
Net cash flow from investing activities 613,813 (165,313) (338,139)
Financing activities
Inflows:
Proceeds from issue of shares 419 3 19
Net cash inflow on derivative financial instruments 14,570 49,995 51,552
Increase in interest-bearing loans and borrowings - 427,250 809,050
14,989 477,248 860,621
Outflows:
Repayment of interest-bearing loans and borrowings (85,741) (367,696) (748,840)
Repayment of lease creditors (principal) (43,311) (42,745) (86,005)
Share buyback (99,539) - -
Dividends paid to owners of the Parent Company 10 (138,391) (132,473) (197,347)
Dividends paid to non-controlling interests (9,900) (303) (9,322)
(376,882) (543,217) (1,041,514)
Net cash flow from financing activities (361,893) (65,969) (180,893)
Change in cash and cash equivalents 270,287 (245,781) 62,997
Translation adjustment (23,839) (27,400) (16,414)
Cash and cash equivalents at beginning of period 1,119,429 1,072,846 1,072,846
Cash and cash equivalents at end of period 1,365,877 799,665 1,119,429
Cash and cash equivalents consists of:
Cash and short-term bank deposits 12 1,326,345 829,583 1,088,175
Overdrafts 12 (42,090) (29,918) (31,084)
Cash and short-term bank deposits attributable to assets held for sale 8 81,622 - 62,338
1,365,877 799,665 1,119,429
Notes to the Condensed Financial Statements
For the six months ended 30 September 2025
1. Basis of Preparation
The Group condensed interim financial statements which should be read in
conjunction with the annual financial statements for the year ended 31 March
2025 have been prepared in accordance with International Financial Reporting
Standards ('IFRS'), the International Financial Reporting Interpretations
Committee ('IFRIC') and in accordance with IAS 34 Interim Financial Reporting
as adopted by the European Union. The Group condensed interim financial
statements have also been prepared in accordance with the Transparency
(Directive 2004/109/EC) Regulations 2007 and the related Transparency rules of
the Irish Financial Services Regulatory Authority.
The preparation of the interim financial statements requires management to
make judgements, estimates and assumptions that affect the application of
policies and reported amounts of certain assets, liabilities, revenues and
expenses together with disclosure of contingent assets and liabilities.
Estimates and underlying assumptions are reviewed on an ongoing basis.
These interim financial statements for the six months ended 30 September 2025
and the comparative figures for the six months ended 30 September 2024 are
unaudited and have not been reviewed by the Auditors. The summary financial
statements for the year ended 31 March 2025 represent an abbreviated version
of the Group's full accounts for that year, on which the Auditors issued an
unqualified audit report and which have been filed with the Registrar of
Companies.
2. Accounting Policies
The accounting policies and methods of computation adopted in the preparation
of the Group condensed interim financial statements are consistent with those
applied in the 2025 Annual Report and are described in those financial
statements on pages 220 to 229.
The following changes to IFRS became effective for the Group during the period
but did not result in material changes to the Group's consolidated financial
statements:
· Lack of Exchangeability - Amendments to IAS 21
· Amendments to the SASB standards to enhance their international
applicability
The Group has not applied certain new standards, amendments and
interpretations to existing standards that have been issued but are not yet
effective. They are either not expected to have a material effect on the
consolidated financial statements or they are not currently relevant for the
Group. These include:
· Classification and Measurement of Financial Instruments - Amendments to
IFRS 9/IFRS 7
· Contracts Referencing Nature-dependent Electricity - Amendments to IFRS
9/IFRS 7
· IFRS 18 Presentation and Disclosure in Financial Statements
· IFRS 19 Subsidiaries without Public Accountability: Disclosures
· Annual Improvements to IFRS Accounting Standards - Volume 11
· Amendments to IFRS 19 Subsidiaries without Public Accountability:
Disclosures
3. Going Concern
Having reassessed the principal risks facing the Group (as detailed on pages
80 to 84 of the 2025 Annual Report), the Directors believe that the Group is
well placed to manage these risks successfully. No concerns or material
uncertainties have been identified as part of our assessment.
The Directors have a reasonable expectation that DCC plc, and the Group as a
whole, has adequate resources to continue in operational existence for the
foreseeable future, a period of not less than twelve months from the date of
this report. For this reason, the Directors continue to adopt the going
concern basis of accounting in preparing the condensed interim financial
statements.
4. Reporting Currency
The Group's financial statements are presented in sterling, denoted by the
symbol '£'. Results and cash flows of operations based in non-sterling
countries have been translated into sterling at average rates for the period,
and the related balance sheets have been translated at the rates of exchange
ruling at the balance sheet date. The principal exchange rates used for
translation of results and balance sheets into sterling were as follows:
Average rate Closing rate
6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended
30 Sept. 30 Sept. 31 March 30 Sept. 30 Sept. 31 March
2025 2024 2025 2025 2024 2025
Stg£1= Stg£1= Stg£1= Stg£1= Stg£1= Stg£1=
Euro 1.1731 1.1777 1.1893 1.1450 1.1970 1.1970
Danish krone 8.7535 8.7842 8.8706 8.5469 8.9251 8.9314
Swedish krona 12.9128 13.5440 13.6338 12.6591 13.5265 12.9866
Norwegian krone 13.7071 13.6951 13.9167 13.4263 14.0825 13.6617
US dollar 1.3360 1.2759 1.2767 1.3443 1.3402 1.2946
Canadian dollar 1.8535 1.7418 1.7722 1.8715 1.8115 1.8593
5. Segmental Reporting
DCC is an international sales, marketing and support services group
headquartered in Dublin, Ireland. Operating segments are reported in a manner
consistent with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker has been identified as Mr.
Donal Murphy, Chief Executive and his executive management team.
The Group announced on 14 July 2025 that it had entered into a definitive
agreement for the sale of DCC Technology's Info Tech business in the UK and
Ireland. The Group subsequently announced the completion of this sale on 3
November 2025. Consequently, this business is presented as a discontinued
operation in the Group Income Statement and the associated assets and
liabilities are classified as assets held for sale at the balance sheet date.
Segmental reporting has been revised and the comparative segmental disclosures
have been restated as required under IFRS 8.
The Group is organised into two operating segments (as identified under IFRS 8
Operating Segments) and generates revenue through the following activities:
DCC Energy is a customer-focused energy business, specialising in the sales,
marketing, and distribution of secure, cleaner and competitive energy
solutions to commercial, industrial, domestic, and transport customers. We
operate two businesses: our Solutions business brings energy to customer
sites, while our Mobility business serves transport and fleet customers. On a
full year basis to 31 March 2025, the adjusted operating profit of Solutions
represented approximately 77% of this segment's adjusted operating profit and
Mobility represented approximately 23%.
DCC Technology is a leader in the sales, marketing and distribution of
specialist Pro AV, Pro Audio and related products and services.
The chief operating decision maker monitors the operating results of segments
separately to allocate resources between segments and to assess performance.
Segment performance is predominantly evaluated based on operating profit
before amortisation of intangible assets and net operating exceptional items
('adjusted operating profit') and return on capital employed. Net finance
costs and income tax are managed on a centralised basis and therefore these
items are not allocated between operating segments for the purpose of
presenting information to the chief operating decision maker and accordingly
are not included in the detailed segmental analysis.
Intersegment revenue is not material and thus not subject to separate
disclosure.
An analysis of the Group's performance by segment and geographic location is
as follows:
(a) By operating segment
Unaudited six months ended 30 September 2025
DCC DCC Total
Energy Technology £'000
£'000 £'000
Segment revenue 6,062,127 1,318,559 7,380,686
Adjusted operating profit 173,247 33,414 206,661
Intangible asset amortisation (41,247) (10,507) (51,754)
Impairment of intangible assets and goodwill (42,645) (15,175) (57,820)
Net operating exceptionals (note 6) (7,130) (23,707) (30,837)
Operating profit 82,225 (15,975) 66,250
Unaudited six months ended 30 September 2024 (Restated)
DCC DCC Total
Energy Technology £'000
£'000 £'000
Segment revenue 6,589,230 1,355,362 7,944,592
Adjusted operating profit 182,662 35,876 218,538
Intangible asset amortisation (36,201) (11,181) (47,382)
Net operating exceptionals (note 6) (5,223) (7,435) (12,658)
Operating profit 141,238 17,260 158,498
Audited year ended 31 March 2025 (Restated)
DCC DCC Total
Energy Technology £'000
£'000 £'000
Segment revenue 13,366,607 2,728,766 16,095,373
Adjusted operating profit 535,556 74,149 609,705
Intangible asset amortisation (85,405) (22,122) (107,527)
Net operating exceptionals (note 6) (9,847) (15,221) (25,068)
Operating profit 440,304 36,806 477,110
(b) By geography
On a continuing basis, the Group has a presence in 16 countries worldwide. The
following represents a geographical analysis of continuing revenue in
accordance with IFRS 8, which requires disclosure of information about the
country of domicile (Republic of Ireland) and countries with material revenue
and non-current assets. Revenue from operations is derived almost entirely
from the sale of goods and is disclosed based on the location of the entity
selling the goods.
Restated Restated
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2025 2024 2025
£'000 £'000 £'000
Republic of Ireland (country of domicile) 678,273 704,343 1,528,020
United Kingdom 2,092,765 2,235,344 4,547,464
France 1,434,340 1,526,611 3,186,335
United States 866,517 927,886 1,902,649
Rest of World 2,308,791 2,550,408 4,930,905
7,380,686 7,944,592 16,095,373
(c) Disaggregation of revenue
The following table disaggregates revenue by primary geographical market,
major revenue lines and timing of revenue recognition. The use of revenue as a
metric of performance in the Group's Energy segment is of limited relevance
due to the influence of changes in underlying energy product costs on absolute
revenues. Whilst changes in underlying energy product costs will change
percentage operating margins, this has little relevance in the downstream
energy distribution market in which this segment operates where profitability
is driven by absolute contribution per tonne/litre of product sold, and not a
percentage margin. Accordingly, management review geographic volume
performance rather than geographic revenue performance for this segment as
country-specific GDP and weather patterns can influence volumes. The
disaggregated revenue information presented below for DCC Technology, which
can also be influenced by country-specific GDP movements, is consistent with
how revenue is reported and reviewed internally.
Unaudited six months ended 30 September 2025
DCC DCC Total
Energy Technology £'000
£'000 £'000
Republic of Ireland (country of domicile) 678,273 - 678,273
United Kingdom 2,013,533 79,232 2,092,765
France 1,380,403 53,937 1,434,340
North America 67,111 866,360 933,471
Rest of World 1,922,807 319,030 2,241,837
Revenue 6,062,127 1,318,559 7,380,686
Products and services transferred at point in time 6,062,127 1,318,559 7,380,686
Energy solutions products and services 3,721,722 - 3,721,722
Energy mobility products and services 2,340,405 - 2,340,405
Technology products and services - 1,318,559 1,318,559
Revenue 6,062,127 1,318,559 7,380,686
Unaudited six months ended 30 September 2024 (Restated)
DCC DCC Total
Energy Technology £'000
£'000 £'000
Republic of Ireland (country of domicile) 704,343 - 704,343
United Kingdom 2,157,360 77,984 2,235,344
France 1,461,254 65,357 1,526,611
North America 70,470 857,416 927,886
Rest of World 2,195,803 354,605 2,550,408
Revenue 6,589,230 1,355,362 7,944,592
Products and services transferred at point in time 6,589,230 1,355,362 7,944,592
Energy solutions products and services 4,024,262 - 4,024,262
Energy mobility products and services 2,564,968 - 2,564,968
Technology products and services - 1,355,362 1,355,362
Revenue 6,589,230 1,355,362 7,944,592
Audited year ended 31 March 2025 (Restated)
DCC DCC Total
Energy Technology £'000
£'000 £'000
Republic of Ireland (country of domicile) 1,528,020 - 1,528,020
United Kingdom 4,257,283 290,181 4,547,464
France 3,056,871 129,464 3,186,335
North America 244,183 1,809,114 2,053,297
Rest of World 4,280,250 500,007 4,780,257
Revenue 13,366,607 2,728,766 16,095,373
Products and services transferred at point in time 13,366,607 2,728,766 16,095,373
Energy solutions products and services 8,574,805 - 8,574,805
Energy mobility products and services 4,791,802 - 4,791,802
Technology products and services - 2,728,766 2,728,766
Revenue 13,366,607 2,728,766 16,095,373
6. Exceptionals
Unaudited Restated Restated
6 months Unaudited Audited
ended 6 months year
30 Sept. ended ended
2025 30 Sept. 31 March
£'000 2024 2025
Note £'000 £'000
Impairment of tangible assets (a) (17,536) - -
Restructuring and integration costs and other (b) (12,052) (6,150) (22,877)
Acquisition and related costs (c) (2,272) (10,818) (8,469)
Profit on disposal of subsidiary undertaking - 4,310 3,255
Adjustments to contingent acquisition consideration (d) 1,023 - 3,023
(30,837) (12,658) (25,068)
Impairment of goodwill and intangible assets (a) (57,820) - -
Net operating exceptional items (88,657) (12,658) (25,068)
Mark to market of swaps and related debt (e) (65) (259) (340)
Net exceptional items before tax (88,722) (12,917) (25,408)
Income tax and deferred tax attaching to exceptional items (a) 5,964 1,771 5,069
Net exceptional items after tax from continuing operations (82,758) (11,146) (20,339)
Net exceptional items after tax relating to discontinued operations (f) (184,392) (7,915) (146,381)
Net exceptional items attributable to owners of the Parent Company (267,150) (19,061) (166,720)
(a) An impairment charge has been recognised in relation to a DCC Technology
business in the Netherlands following a decision to exit this business in the
second half of this financial year. The impairment relates to tangible assets
and a non-cash impairment charge in relation to goodwill and intangible
assets. The Group has also recognised a non-cash impairment charge in relation
to goodwill and intangible assets in our solar distribution business in the
Netherlands following a continued deterioration in the medium-term outlook for
the business. There was a related tax credit of £5.9 million in relation to
these charges.
(b) Restructuring and integration costs and other of £12.052 million mainly
relates to the restructuring of operations across a number of businesses and
recent acquisitions. The majority of the cost relates to optimisation and
integration of continuing operations in the Technology division in North
America.
(c) Acquisition and related costs include the professional fees and tax costs
relating to the evaluation and completion of acquisition opportunities and
amounted to £2.272 million.
(d) Adjustments to contingent acquisition consideration of £1.023 million
reflects movements in provisions associated with the expected earn-out or
other deferred arrangements that arise through the Group's corporate
development activity.
(e) The level of ineffectiveness calculated under IAS 39 on the hedging
instruments related to the Group's US private placement debt is charged or
credited as an exceptional item. In the six months ended 30 September 2025
this amounted to an exceptional non-cash charge of £0.065 million. The
cumulative net exceptional credit taken in respect of IAS 39 ineffectiveness
was £0.138 million. This, or any subsequent similar non-cash charges or
gains, will net to zero over the remaining term of this debt and the related
hedging instruments.
(f) The charge for net exceptional items on discontinued operations of
£184.392 million primarily relates to DCC Technology's Info Tech business in
the UK and Ireland. In November 2025 the Group completed the sale of this
business and the proceeds on disposal are expected to give rise to an
impairment loss of approximately £237.840 million which has been recognised
in the current period. The Group recognised a net profit on the disposal of
the Healthcare division of £56.373 million (after costs) which was completed
in September 2025.
7. Taxation
The taxation expense for the interim period is based on management's best
estimate of the weighted average tax rate that is expected to be applicable
for the full year. The Group's effective tax rate for the period was 21.9%
(six months ended 30 September 2024: 20.3% and year ended 31 March 2025:
20.3%).
8. Discontinued Operations
The Group announced on 14 July 2025 that it had entered into a definitive
agreement for the sale of DCC Technology's Info Tech business in the UK and
Ireland. The Group subsequently announced the completion of this sale on 3
November 2025. The net cash proceeds to DCC of the transaction are not
material, reflecting the working capital seasonality, and the supply chain
financing (£145 million at 30 September 2025) associated with the business.
The conditions for the Info Tech businesses to be classified as a discontinued
operation have been satisfied, and, accordingly, the results of these
businesses are presented as discontinued operations in the Group Income
Statement and the associated assets and liabilities are classified as assets
held for sale at the balance sheet date.
In addition, the Group announced the completion of the sale of DCC Healthcare
on 10 September 2025. Details of the transaction were contained in DCC's stock
exchange announcement of 22 April 2025. The conditions for the Healthcare
division to be classified as a discontinued operation were satisfied in the
year ended 31 March 2025, and, accordingly, the results of this division
continue to be presented as discontinued operations in the Group Income
Statement for the six months ended 30 September 2025.
The following table details the results of discontinued operations included in
the Group Income Statement:
Unaudited Unaudited
6 months 6 months
ended ended
30 Sept. 30 Sept.
2025 2024
£'000 £'000
Revenue 1,175,468 1,380,656
Cost of sales (986,413) (1,156,312)
Gross profit 189,055 224,344
Operating costs (176,554) (183,560)
Operating profit before amortisation of intangible assets and exceptional 12,501 40,784
items
Amortisation of intangible assets (5,339) (4,796)
Net operating exceptionals (184,392) (10,067)
Operating (loss)/profit (177,230) 25,921
Net finance costs (491) (414)
(Loss)/profit before tax (177,721) 25,507
Income tax expense (1,404) (4,988)
(Loss)/profit from discontinued operations after tax (179,125) 20,519
Non-controlling interests (168) (155)
(Loss)/profit attributable to the owners of the Parent Company (179,293) 20,364
The following table details the cash flow from discontinued operations
included in the Group Cash Flow Statement:
Unaudited Unaudited
6 months 6 months
ended ended
30 Sept. 30 Sept.
2025 2024
£'000 £'000
Net cash flow from operating activities (16,225) (5,573)
Net cash flow from investing activities (19,540) (12,305)
Net cash flow from discontinued operations (35,765) (17,878)
The fair value less costs to sell of the major classes of assets and
liabilities held for sale at 30 September 2025 are as follows:
Unaudited
30 Sept.
2025
Assets £'000
Inventories 75,784
Trade and other receivables 204,753
Current income tax 10,028
Cash and cash equivalents 81,622
Assets classified as held for sale 372,187
Liabilities
Trade and other payables 308,121
Deferred income tax liabilities 4,449
Lease creditors 15,678
Provisions for liabilities and charges 19,545
Liabilities associated with assets classified as held for sale 347,793
Net assets of the disposal group 24,394
The proceeds on disposal of Info Tech business are expected to give rise to an
impairment loss of approximately £237.840 million which has been recognised
in the six months ended 30 September 2025.
9. Earnings per Ordinary Share
Unaudited 6 months ended 30 Sept.
Continuing operations Discontinued operations 2025 Continuing operations 2024 Discontinued operations 2024
2025 £'000 Total £'000 £'000 Total
£'000 2025 2024
£'000 £'000
Profit attributable to owners of the Parent Company
(3,959) (179,293) (183,252) 76,186 20,364 96,550
Amortisation of intangible assets after tax 39,879 4,112 43,991 37,370 3,741 41,111
Exceptionals after tax (note 6) 82,758 184,392 267,150 11,146 7,915 19,061
Adjusted profit after taxation and non-controlling interests
118,678 9,211 127,889 124,702 32,020 156,722
Unaudited 6 months ended 30 Sept.
Continuing operations Discontinued operations 2025 Continuing operations 2024 Discontinued operations 2024
2025 pence Total pence pence Total
pence 2025 2024
Basic earnings per ordinary share pence pence
Basic earnings per ordinary share (4.03p) (182.57p) (186.60p) 77.05p 20.60p 97.65p
Amortisation of intangible assets after tax 40.60p 4.19p 44.79p 37.80p 3.78p 41.58p
Exceptionals after tax 84.27p 187.76p 272.03p 11.28p 8.00p 19.28p
Adjusted basic earnings per ordinary share
120.84p 9.38p 130.22p 126.13p 32.38p 158.51p
Weighted average number of ordinary shares in issue (thousands)
98,208 98,869
Basic earnings per share is calculated by dividing the profit attributable to
owners of the Parent Company by the weighted average number of ordinary shares
in issue during the period, excluding ordinary shares purchased by the Company
and held as treasury shares. The adjusted figures for basic earnings per
ordinary share (a non-GAAP financial measure) are intended to demonstrate the
results of the Group after eliminating the impact of amortisation of
intangible assets and net exceptionals.
Unaudited 6 months ended 30 Sept.
Continuing operations Discontinued operations 2025 Continuing operations 2024 Discontinued operations 2024
2025 pence Total pence pence Total
pence 2025 2024
Diluted earnings per ordinary share pence pence
Diluted earnings per ordinary share (4.03p) (182.35p) (186.38p) 77.01p 20.59p 97.60p
Amortisation of intangible assets after tax 40.56p 4.18p 44.74p 37.78p 3.78p 41.56p
Exceptionals after tax 84.17p 187.54p 271.71p 11.27p 8.00p 19.27p
Adjusted diluted earnings per ordinary share
120.70p 9.37p 130.07p 126.06p 32.37p 158.43p
Weighted average number of ordinary shares in issue (thousands)
98,320 98,925
Diluted earnings per ordinary share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion of all
dilutive potential ordinary shares. Share options and awards are the Company's
only category of dilutive potential ordinary shares. The adjusted figures for
diluted earnings per ordinary share (a non-GAAP financial measure) are
intended to demonstrate the
results of the Group after eliminating the impact of amortisation of
intangible assets and net exceptionals.
The earnings used for the purposes of the continuing diluted earnings per
ordinary share calculations was a loss of £3.959 million (six months ended 30
September 2024: profit of £76.186 million) and a profit of £118.678 million
(six months ended 30 September 2024: profit of £124.702 million) for the
purposes of the adjusted diluted earnings per ordinary share calculations. The
earnings used for the purposes of the discontinued diluted earnings per
ordinary share calculations was a loss of £179.293 million (six months ended
30 September 2024: profit of £20.364 million) and a profit of £9.211 million
(six months ended 30 September 2024: profit of £32.020 million) for the
purposes of the adjusted diluted earnings per ordinary share calculations.
The weighted average number of ordinary shares used in calculating the diluted
earnings per ordinary share for the six months ended 30 September 2025 was
98.320 million (six months ended 30 September 2024: 98.925 million). A
reconciliation of the weighted average number of ordinary shares used for the
purposes of calculating the diluted earnings per ordinary share amounts is as
follows:
Unaudited Unaudited
6 months 6 months
ended ended
30 Sept. 30 Sept.
2025 2024
'000 '000
Weighted average number of ordinary shares in issue 98,208 98,869
Dilutive effect of options and awards 112 56
Weighted average number of ordinary shares for diluted earnings per share 98,320 98,925
Employee share options and awards, which are performance-based, are treated as
contingently issuable shares because their issue is contingent upon
satisfaction of specified performance conditions in addition to the passage of
time. These contingently issuable shares are excluded from the computation of
diluted earnings per ordinary share where the conditions governing
exercisability would not have been satisfied as at the end of the reporting
period if that were the end of the vesting period.
10. Dividends
Dividends paid per ordinary share: Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2025 2024 2025
£'000 £'000 £'000
Interim - paid 66.19 pence per share on 13 December 2024 - - 66,166
Final - paid 140.21 pence per share on 17 July 2025
(FY 2025: paid 133.53 pence per share on 18 July 2024)
138,391 132,473 131,181
138,391 132,473 197,347
On 10 November 2025, the Board approved an interim dividend of 69.50 pence per
share (£67.343 million). These condensed interim financial statements do not
reflect this dividend payable.
11. Other Reserves
For the six months ended 30 September 2025
Share based payment Cash flow Foreign Other Total
reserve
hedge
currency translation reserve
reserves
£'000
£'000
reserve
£'000
£'000
£'000
At 1 April 2025 71,350 2,083 10,324 932 84,689
Currency translation:
- arising in the period - - (9,476) - (9,476)
- recycled to the Income Statement on disposal - - (6,094) - (6,094)
Movements relating to cash flow hedges - (38,828) - - (38,828)
Movement in deferred tax liability on cash flow hedges - 8,461 - - 8,461
Share buyback - - - 452 452
Share based payment 2,902 - - - 2,902
At 30 September 2025 74,252 (28,284) (5,246) 1,384 42,106
For the six months ended 30 September 2024
Share based payment Cash flow Foreign Other Total
reserve
hedge
currency translation reserve
reserves
£'000
£'000
reserve
£'000
£'000
£'000
At 1 April 2024 63,806 (18,100) 64,873 932 111,511
Currency translation:
- arising in the period - - (86,480) - (86,480)
- recycled to the Income Statement on disposal - - (13,041) - (13,041)
Movements relating to cash flow hedges - 23,545 - - 23,545
Movement in deferred tax liability on cash flow hedges - (4,779) - - (4,779)
Share based payment 4,882 - - - 4,882
At 30 September 2024 68,688 666 (34,648) 932 35,638
For the year ended 31 March 2025
Share based payment Cash flow Foreign Other Total
reserve
hedge
currency translation reserve
reserves
£'000
£'000
reserve
£'000
£'000
£'000
At 1 April 2024 63,806 (18,100) 64,873 932 111,511
Currency translation:
- arising in the period - - (41,508) - (41,508)
- recycled to the Income Statement on disposal - - (13,041) - (13,041)
Movements relating to cash flow hedges - 25,323 - - 25,323
Movement in deferred tax liability on cash flow hedges - (5,140) - - (5,140)
Share based payment 7,544 - - - 7,544
At 31 March 2025 71,350 2,083 10,324 932 84,689
12. Analysis of Net Debt
Continuing operations Assets held for sale
unaudited unaudited Total
30 Sept. 30 Sept. unaudited Unaudited
2025 2025 30 Sept. 30 Sept.
£'000 £'000 2025 2024
£'000 £'000
Non-current assets
Derivative financial instruments 6,300 - 6,300 21,442
Current assets
Derivative financial instruments 21,112 - 21,112 25,810
Cash and cash equivalents 1,326,345 81,622 1,407,967 829,583
1,347,457 81,622 1,429,079 855,393
Non-current liabilities
Derivative financial instruments (21,530) - (21,530) (22,950)
Unsecured Notes (1,647,726) - (1,647,726) (1,816,571)
(1,669,256) - (1,669,256) (1,839,521)
Current liabilities
Bank borrowings (42,090) - (42,090) (29,918)
Derivative financial instruments (39,551) - (39,551) (16,662)
Unsecured Notes (206,786) - (206,786) (82,823)
(288,427) - (288,427) (129,403)
Net debt (excluding lease creditors) (603,926) 81,622 (522,304) (1,092,089)
Lease creditors (non-current) (252,783) (12,535) (265,318) (282,012)
Lease creditors (current) (68,986) (3,143)14) (72,129) (72,644)
Total lease creditors (321,769) (15,678) (337,447) (354,656)
Net debt (including lease creditors) (925,695) 65,944 (859,751) (1,446,745)
An analysis of the maturity profile of the Group's net debt (continuing
operations, including lease creditors) at 30 September 2025 is as follows:
As at 30 September 2025 Less than Between Between Over Total
1 year
1 and 2
2 and 5
5 years
£'000
£'000
years
years
£'000
£'000 £'000
Cash and short-term deposits 1,326,345 - - - 1,326,345
Overdrafts (42,090) - - - (42,090)
Cash and cash equivalents 1,284,255 - - - 1,284,255
Unsecured Notes (206,786) (320,176) (370,192) (957,358) (1,854,512)
Derivative financial instruments:
- Unsecured Notes 16,618 (9,962) (3,303) - 3,353
- Other (35,057) (5,678) (2,291) 6,004 (37,022)
Net debt (excluding lease creditors) 1,059,030 (335,816) (375,786) (951,354) (603,926)
Lease creditors (68,986) (64,579) (91,473) (96,731) (321,769)
Net debt (including lease creditors) 990,044 (400,395) (467,259) (1,048,085) (925,695)
The Group's Unsecured Notes fall due between 4 April 2026 and 4 April 2034
with an average maturity of 4.4 years at 30 September 2025. The full fair
value of a hedging derivative is allocated to the time period corresponding to
the maturity of the hedged item.
13. Cash Generated from Operations
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2025 2024 2025
Notes £'000 £'000 £'000
Cash flow from operating activities
(Loss)/profit for the period (176,085) 104,208 221,221
Add back non-operating expenses/(income):
- tax 18,217 26,831 87,630
- share of equity accounted investments' profit after tax (2,099) (184) (3,392)
- net operating exceptionals 273,049 22,725 173,775
- net finance costs 48,987 53,564 106,210
Group operating profit before exceptionals 162,069 207,144 585,444
Share-based payments expense 2,902 4,882 7,544
Depreciation (including right-of-use leased assets) 129,979 126,008 253,919
Amortisation of intangible assets 57,093 52,178 118,156
Profit on disposal of property, plant and equipment (7,634) (4,819) (17,225)
Amortisation of government grants (173) (160) (323)
Other (1,783) (45) 3,009
Increase in working capital (188,473) (265,798) (93,763)
Cash generated from operations before exceptionals 153,980 119,390 856,761
14. Retirement Benefit Obligations
The Group's defined benefit pension schemes' assets were measured at fair
value at 30 September 2025. The defined benefit pension schemes' liabilities
at 30 September 2025 were updated to reflect material movements in underlying
assumptions.
The Group's post-employment benefit obligations moved from a net liability of
£5.884 million at 31 March 2025 to a net liability of £5.606 million at 30
September 2025.
The following actuarial assumptions have been made in determining the Group's
retirement benefit obligation for the six months ended 30 September 2025:
Discount rate Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 Sept. 30 Sept. 31 March
2025 2024 2025
Republic of Ireland 4.00% 3.40% 3.90%
United Kingdom 5.95% 5.10% 5.85%
Germany 3.90% 3.40% 3.80%
15. Business Combinations
A key strategy of the Group is to create and sustain market leadership
positions through acquisitions in markets it currently operates in, together
with extending the Group's footprint into new geographic markets. In line with
this strategy, the principal acquisition completed by the Group during the
period for continuing operations was the acquisition by DCC Energy in
September 2025 of 100% of Wex Europe Services AS, the Norwegian branch of Wex
Europe Services. Wex Europe Services AS services both fleet and truck
commercial customers in the Norwegian market with the Esso branded fuel card
and is a complementary business to our existing service station portfolio in
Norway. The Group also completed business combinations in Healthcare and
Technology during the period.
The acquisition data presented below reflects the fair value of the
provisional identifiable net assets acquired (excluding cash and cash
equivalents acquired) in respect of acquisitions completed during the six
months ended 30 September 2025.
6 months 6 months
ended ended
30 Sept. 30 Sept.
2025 2024
£'000 £'000
Assets
Non-current assets
Property, plant and equipment 7,662 6,293
Right-of-use leased assets 233 2,803
Equity accounted investments 154 -
Deferred income tax assets 364 -
Total non-current assets 8,413 9,096
Current assets
Inventories 8,578 31,311
Trade and other receivables 14,500 46,996
Total current assets 23,078 78,307
Liabilities
Non-current liabilities
Deferred income tax liabilities (31) (40)
Provisions for liabilities - (553)
Lease creditors (47) (2,472)
Government grants (136) -
Total non-current liabilities (214) (3,065)
Current liabilities
Trade and other payables (8,256) (31,990)
Provisions for liabilities (776) -
Current income tax liability (584) (2,785)
Lease creditors (186) (331)
Total current liabilities (9,802) (35,106)
Identifiable net assets acquired 21,475 49,232
Intangible assets and goodwill 3,574 192,219
Total consideration 25,049 241,451
Satisfied by:
Cash 28,799 150,255
Cash and cash equivalents acquired (8,897) (1,902)
Net cash outflow 19,902 148,353
Acquisition related liabilities 5,147 93,098
Total consideration 25,049 241,451
None of the business combinations completed during the period were considered
sufficiently material to warrant separate disclosure of the fair values
attributable to those combinations.
There were no adjustments made to the carrying amounts of assets and
liabilities acquired in arriving at their fair values. The initial assignment
of fair values to identifiable net assets acquired has been performed on a
provisional basis in respect of a number of the business combinations above
given the timing of closure of these transactions. Any amendments to these
fair values within the twelve-month timeframe from the date of acquisition
will be disclosable in the Group's condensed interim financial statements for
the six months ending 30 September 2026 as stipulated by IFRS 3.
The principal factors contributing to the recognition of goodwill on business
combinations entered into by the Group are the expected profitability of the
acquired business and the realisation of cost savings and synergies with
existing Group entities.
Acquisition and related costs (continuing operations) included in operating
expenses in the Group Income Statement amounted to £2.272 million.
No contingent liabilities were recognised on the acquisitions completed during
the financial period or the prior financial years.
The gross contractual value of trade and other receivables as at the
respective dates of acquisition amounted to £14.641 million. The fair value
of these receivables is £14.500 million (all of which is expected to be
recoverable).
None of the goodwill acquired in the period is expected to be deductible for
tax purposes.
The fair value of contingent consideration recognised at the date of
acquisition is calculated by discounting the expected future payment to
present value at the acquisition date. In general, for contingent
consideration to become payable, pre-defined profit thresholds must be
exceeded. On an undiscounted basis, the future payments for which the Group
may be liable for acquisitions completed during the period range from nil to
£0.8 million.
The acquisitions during the period contributed £0.8 million to revenues and
£0.1 million to profit after tax. The profit of the Group determined in
accordance with IFRS for the period ended 30 September 2025 would not have
been materially different than reported in the Income Statement if the
acquisition date for all business combinations completed during the period had
been as of the beginning of the period.
16. Share Premium
On 20 August 2025, the Company received the approval of the High Court
of Ireland for the reduction of the Company's share capital by cancelling
the entire amount of the Company's share premium account as at 31 March 2025,
as described in the Company's Notice of Annual General Meeting sent to
shareholders on 10 June 2025.
The reserve resulting from this cancellation of share premium will be treated
as profits available for distribution by the Company as defined by Section 117
of the Companies Act 2014. A copy of the aforementioned order of the High
Court was filed with the Companies Registration Office in Ireland on 20 August
2025.
17. Seasonality of Operations
The Group's operations are significantly second-half weighted primarily due to
a portion of the demand for DCC Energy's products being weather dependent and
seasonal buying patterns in DCC Technology.
18. Related Party Transactions
There have been no related party transactions or changes in the nature and
scale of the related party transactions described in the 2025 Annual Report
that could have had a material impact on the financial position or performance
of the Group in the six months ended 30 September 2025.
19. Events after the Balance Sheet Date
As announced on 21 October 2025, the Group has agreed to acquire FLAGA GmbH
("FLAGA"), a leading distributor of liquid gas in Austria, from UGI
International, LLC. FLAGA, founded in 1947, is headquartered in Vienna, and
employs approximately 90 people. The business sells and distributes
approximately 45 million litres of liquid gas annually via its nationwide
supply, filling and distribution network. The FLAGA acquisition is based on an
enterprise value of approximately €55 million (£47.5 million) on a
cash-free, debt-free basis and the consideration will be settled in cash on
completion. The acquisition is subject to customary regulatory approval and is
expected to complete by the end of the financial year.
As announced on 3 November 2025, the Group completed the sale of DCC
Technology's Info Tech business in the UK and Ireland.
20. Board Approval
This report was approved by the Board of Directors of DCC plc on 10 November
2025.
21. Distribution of Interim Report
This report and further information on DCC is available at the Company's
website www.dcc.ie. A printed copy is available to the public at the Company's
registered office at DCC House, Leopardstown Road, Foxrock, Dublin 18,
Ireland.
Statement of director's responsibilities
We confirm that to the best of our knowledge:
· the condensed set of interim financial statements for the six months ended
30 September 2025 have been prepared in accordance with IAS 34 Interim
Financial Reporting as adopted by the EU; and
· the interim management report includes a fair review of the information
required by:
- Regulation 8(2) of the Transparency (Directive 2004/109/EC) Regulations
2007, being an indication of important events that have occurred during the
first six months of the financial year and their impact on the condensed set
of financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the year; and
- Regulation 8(3) of the Transparency (Directive 2004/109/EC) Regulations
2007, being related party transactions that have taken place in the first six
months of the current financial year and that have materially affected the
financial position or performance of the entity during that period; and any
changes in the related party transactions described in the last annual report
that could do so.
On behalf of the Board
Mark Breuer, Chair
Donal Murphy, Chief Executive
10 November 2025
Supplementary Financial Information
Alternative Performance Measures
The Group reports certain alternative performance measures ('APMs') that are
not required under International Financial Reporting Standards ('IFRS') which
represent the generally accepted accounting principles ('GAAP') under which
the Group reports. The Group believes that the presentation of these APMs
provides useful supplemental information which, when viewed in conjunction
with our IFRS financial information, provides investors with a more meaningful
understanding of the underlying financial and operating performance of the
Group and its divisions.
These APMs are primarily used for the following purposes:
· to evaluate the historical and planned underlying results of our
operations;
· to set director and management remuneration; and
· to discuss and explain the Group's performance with the investment analyst
community.
None of the APMs should be considered as an alternative to financial measures
derived in accordance with GAAP. The APMs can have limitations as analytical
tools and should not be considered in isolation or as a substitute for an
analysis of our results as reported under GAAP. These performance measures may
not be calculated uniformly by all companies and therefore may not be directly
comparable with similarly titled measures and disclosures of other companies.
The principal APMs used by the Group, together with reconciliations where the
non-GAAP measures are not readily identifiable from the financial statements,
are as follows:
Adjusted operating profit ('EBITA')
Definition
This comprises operating profit as reported in the Group Income Statement
before net operating exceptional items and amortisation of intangible assets.
Net operating exceptional items and amortisation of intangible assets are
excluded to assess the underlying performance of our operations. In addition,
neither metric forms part of Director or management remuneration targets.
Calculation 6 months 6 months Year ended
ended ended 31 March
2025
30 Sept. 30 Sept.
£'000
2025 2024
£'000 £'000
Operating profit - continuing operations 66,250 158,498 477,110
Net operating exceptional items - continuing operations 88,657 12,658 25,068
Amortisation of intangible assets - continuing operations 51,754 47,382 107,527
Adjusted operating profit (EBITA) - continuing operations 206,661 218,538 609,705
Operating (loss)/profit - discontinued operations (177,230) 25,921 (65,441)
Net operating exceptional items - discontinued operations 184,392 10,067 148,707
Amortisation of intangible assets - discontinued operations 5,339 4,796 10,629
Adjusted operating profit (EBITA) - discontinued operations 12,501 40,784 93,895
Total adjusted operating profit (EBITA) 219,162 259,322 703,600
Net interest before exceptional items
Definition
The Group defines net interest before exceptional items as the net total of
finance costs and finance income before interest related exceptional items as
presented in the Group Income Statement.
Calculation 6 months 6 months Year ended
ended ended 31 March
2025
30 Sept. 30 Sept.
£'000
2025 2024
£'000 £'000
Finance costs before exceptional items (55,368) (59,410) (118,002)
Finance income before exceptional items 6,937 6,519 13,154
Net interest before exceptional items - continuing operations (48,431) (52,891) (104,848)
Net interest before exceptional items - discontinued operations (491) (414) (1,022)
Net interest before exceptional items (48,922) (53,305) (105,870)
Effective tax rate
Definition
The Group's effective tax rate expresses the income tax expense before
exceptionals and deferred tax attaching to the amortisation of intangible
assets as a percentage of adjusted operating profit less net interest before
exceptional items.
Calculation 6 months 6 months Year ended
ended ended 31 March
2025
30 Sept. 30 Sept.
£'000
2025 2024
£'000 £'000
Total adjusted operating profit 219,162 259,322 703,600
Net interest before exceptional items (48,922) (53,305) (105,870)
Earnings before taxation 170,240 206,017 597,730
Income tax expense 73,467
16,813 21,843
Income tax attaching to net exceptionals - continuing operations 5,964 1,771 5,069
Deferred tax attaching to amortisation of intangible assets - continuing 23,950
operations
11,875 10,012
Income tax expense before exceptionals and deferred tax attaching to 18,853
amortisation of intangible assets - discontinued operations
2,631 8,195
Total income tax expense before exceptionals and deferred tax attaching to 121,339
amortisation of intangible assets
37,283 41,821
Effective tax rate (%) 21.9% 20.3% 20.3%
Constant currency
Definition
The translation of foreign denominated earnings can be impacted by movements
in foreign exchange rates versus sterling, the Group's presentation currency.
In order to present a better reflection of underlying performance in the
period, the Group retranslates foreign denominated current year earnings at
prior year exchange rates.
Revenue (continuing, constant currency) 6 months 6 months
ended ended
30 Sept. 30 Sept.
2025 2024
£'000 £'000
Revenue 7,380,686 7,944,592
Currency impact 9,768 -
Revenue (constant currency) 7,390,454 7,944,592
Adjusted operating profit (continuing, constant currency)
Adjusted operating profit 206,661 218,538
Currency impact 394 -
Adjusted operating profit (constant currency) 207,055 218,538
Adjusted earnings per share (continuing, constant currency)
Adjusted profit after taxation and non-controlling interests (note 9) 118,678 124,702
Currency impact (286) -
Adjusted profit after taxation and non-controlling interests (constant 118,392 124,702
currency)
Weighted average number of ordinary shares in issue ('000) 98,208 98,869
Adjusted earnings per share (constant currency) 120.55p 126.13p
Net capital expenditure
Definition
Net capital expenditure comprises purchases of property, plant and equipment,
proceeds from the disposal of property, plant and equipment and government
grants received in relation to property, plant and equipment.
Calculation 6 months 6 months Year ended
ended ended 31 March
2025
30 Sept. 30 Sept.
£'000
2025 2024
£'000 £'000
Purchase of property, plant and equipment 96,408 95,878 214,295
Government grants received in relation to property, plant and equipment - (32) (340)
Proceeds from disposal of property, plant and equipment (16,731) (9,725) (44,839)
Net capital expenditure 79,677 86,121 169,116
Free cash flow
Definition
Free cash flow is defined by the Group as cash generated from operations
before exceptional items as reported in the Group Cash Flow Statement after
repayment of lease creditors and net capital expenditure.
Calculation 6 months 6 months Year ended
ended ended 31 March
2025
30 Sept. 30 Sept.
£'000
2025 2024
£'000 £'000
Cash generated from operations before exceptionals 153,980 119,390 856,761
Repayment of lease creditors (principal and interest) (50,171) (49,074) (98,886)
Net capital expenditure (79,677) (86,121) (169,116)
Free cash flow 24,132 (15,805) 588,759
Free cash flow (after interest and tax payments)
Definition
Free cash flow (after interest and tax payments) is defined by the Group as
free cash flow after interest paid (excluding interest relating to lease
creditors), income tax paid, dividends received from equity accounted
investments and interest received. As noted in the definition of free cash
flow, interest amounts relating to the repayment of lease creditors has been
deducted in arriving at the Group's free cash flow and are therefore excluded
from the interest paid figure in arriving at the Group's free cash flow (after
interest and tax payments).
Calculation 6 months 6 months Year ended
ended ended 31 March
2025
30 Sept. 30 Sept.
£'000
2025 2024
£'000 £'000
Free cash flow 24,132 (15,805) 588,759
Interest paid (including interest relating to lease creditors) (63,903) (54,904) (102,998)
Interest relating to lease creditors 6,860 6,329 12,881
Income tax paid (59,825) (52,900) (115,876)
Dividends received from equity accounted investments 23 92 857
Interest received 10,030 8,628 11,178
Free cash flow (after interest and tax payments) (82,683) (108,560) 394,801
Committed acquisition expenditure
Definition
The Group defines committed acquisition expenditure as the total acquisition
cost of subsidiaries as presented in the Group Cash Flow Statement (excluding
amounts related to acquisitions which were committed to in previous years) and
future acquisition related liabilities for acquisitions committed to during
the period.
Calculation 6 months 6 months Year ended
ended ended 31 March
2025
30 Sept. 30 Sept.
£'000
2025 2024
£'000 £'000
Net cash outflow on acquisitions during the period 19,902 148,353 167,294
Net cash outflow on acquisitions which were committed to in the (76,639)
previous period (14,862) (75,192)
Acquisition related liabilities arising on acquisitions during the period 5,147 93,098 68,196
Acquisition related liabilities which were committed to in the (32,539)
previous period (3,814) (62,033)
Amounts committed in the current period 52,500 25,049 27,202
Committed acquisition expenditure 58,873 129,275 153,514
Net working capital
Definition
Net working capital represents the net total of inventories, trade and other
receivables (excluding interest receivable), and trade and other payables
(excluding interest payable, amounts due in respect of property, plant and
equipment and current government grants).
Calculation As at As at As at
30 Sept. 30 Sept. 31 March
2025
2024
2025
£'000 £'000 £'000
Inventories 861,971 1,237,923 940,159
Add: inventories of the disposal group 75,784 - 111,718
Trade and other receivables 1,516,295 1,854,135 1,975,444
Add: trade and other receivables of the disposal group 204,753 - 132,786
Less: interest receivable (2,769) (1,239) (4,736)
Trade and other payables (2,118,421) (2,619,353) (2,763,181)
Add: trade and other payables of the disposal group (308,121) - (127,704)
Less: interest payable 26,055 23,321 35,154
Less: amounts due in respect of property, plant and equipment 11,690 13,494 13,858
Less: government grants 24 26 23
Net working capital 267,261 508,307 313,521
Working capital (days)
Definition
Working capital days measures how long it takes in days for the Group to
convert working capital into revenue.
Calculation As at As at As at
30 Sept. 30 Sept. 31 March
2025
2024
2025
£'000 £'000 £'000
Net working capital 267,261 508,307 313,521
Revenue in the month 1,528,936 1,599,790 1,708,700
Working capital (days) 5.2 days 9.5 days 5.7 days
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