Latest news with #DCCHealthcare
Irish Examiner
13-05-2025
- Business
- Irish Examiner
Support services firm DCC sees profit of its remaining divisions increase by nearly 3%
DCC, the Dublin-headquartered support services firm, saw an 2.9% increase in adjusted operating profit during its most recent financial year driven by growth in its energy division. The firm is made up of three divisions; energy, technology, and healthcare but in April it announced the sale of its healthcare division in a deal worth just over £1bn. The deal is subject to regulatory approvals and is expected to complete in the third quarter of this calendar year. The company's preliminary results for the financial year ending on March 31, 2025 account for this sale. According to the company's results, its two remaining divisions generated adjusted operating profit of £617.5m (€726.7m) , an increase of 2.9% year-on-year. Operating profit from its discontinued operations - DCC Healthcare - stood at £86.1m. Profit in its energy division increased by 6.5% to £535.5m while profit in its technology division declined by 15.7% to £82m. Group revenue decreased by 4.5% to £18bn due to lower revenue in DCC Energy where average commodity prices were lower. Donal Murphy, chief executive of DCC, said they are pleased to report another year of 'good growth' while making 'strategic progress to simplify the group to focus on our opportunity in energy'. 'Our sale of DCC Healthcare enables a material return of capital to shareholders. We will focus our efforts on Energy, our largest and highest-returning business. We are energised about the future,' he said. The company said it intends to return up to £800m of DCC Healthcare divestment proceeds to shareholders, commencing shortly with a £100m share buyback programme. The company said it expects to see good operating profit growth during this current financial year.
Scotsman
22-04-2025
- Business
- Scotsman
Rachel Reeves to make case for free trade at IMF talks
Watch more of our videos on and on Freeview 262 or Freely 565 Visit Shots! now Watch the business stories making the headlines today in under two minutes. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Chancellor to make case for free trade at IMF talks Rachel Reeves is in Washington this week for the International Monetary Fund's Spring Meetings. The annual get-together comes amid the most difficult global economic circumstances since the Covid pandemic. Advertisement Hide Ad Advertisement Hide Ad The chancellor's expected to make the case for free trade, but says she won't be making a deal with the US at any cost. Hickory's to open 10 new sites each year Restaurant chain Hickory's has said it plans to open ten new sites each year - as part of ambitious expansion plans. The BBQ smokehouse brand was acquired by pub giant Greene King in 2022. Hickory's opened six new sites last year to expand to 26 locations. Advertisement Hide Ad Advertisement Hide Ad Kitchenware retailer Lakeland has been acquired in a management buyout backed by investment firm Hilco. The management team, has completed a deal for the business that will enable Lakeland's family owners Sam, Martin and Julian Rayner to retire. Chief executive Catherine Nunn will continue to run the business, together with chief financial and operating officer Stephen Hill and chief commercial officer Neil Piggot. DCC Healthcare to be acquired by Investindustrial for £1.05bn A deal worth more than £1bn has been agreed for DCC Healthcare to be acquired by Investindustrial. Advertisement Hide Ad Advertisement Hide Ad The disposal will allow DCC plc to focus on its energy business. The proposed transaction values DCC Healthcare at £1.05bn. Third of council staff lost in last decade Councils across England and Wales have lost almost a third of their staff over the past decade. A study by the GMB revealed that since 2012, almost 600,000 council jobs had gone. Advertisement Hide Ad Advertisement Hide Ad Birmingham was the worst hit council, losing 27,000 workers, followed by Derbyshire and Staffordshire. Gatwick found to be UK's worst airport for flight delays Plane prepares to take off at Gatwick. | Glyn Kirk / AFP via Getty Images Gatwick has retained its position as the UK's worst airport for flight delays. Departures were an average of more than 23 minutes behind schedule last year. Flights from Birmingham airport had the second poorest punctuality record, with an average delay of more than 21 minutes.
Scotsman
22-04-2025
- Business
- Scotsman
Rachel Reeves to make case for free trade at IMF talks
Watch the business stories making the headlines today in under two minutes. Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Chancellor to make case for free trade at IMF talks Rachel Reeves is in Washington this week for the International Monetary Fund's Spring Meetings. The annual get-together comes amid the most difficult global economic circumstances since the Covid pandemic. Advertisement Hide Ad Advertisement Hide Ad The chancellor's expected to make the case for free trade, but says she won't be making a deal with the US at any cost. Hickory's to open 10 new sites each year Restaurant chain Hickory's has said it plans to open ten new sites each year - as part of ambitious expansion plans. The BBQ smokehouse brand was acquired by pub giant Greene King in 2022. Hickory's opened six new sites last year to expand to 26 locations. Advertisement Hide Ad Advertisement Hide Ad Kitchenware retailer Lakeland has been acquired in a management buyout backed by investment firm Hilco. The management team, has completed a deal for the business that will enable Lakeland's family owners Sam, Martin and Julian Rayner to retire. Chief executive Catherine Nunn will continue to run the business, together with chief financial and operating officer Stephen Hill and chief commercial officer Neil Piggot. DCC Healthcare to be acquired by Investindustrial for £1.05bn A deal worth more than £1bn has been agreed for DCC Healthcare to be acquired by Investindustrial. Advertisement Hide Ad Advertisement Hide Ad The disposal will allow DCC plc to focus on its energy business. The proposed transaction values DCC Healthcare at £1.05bn. Third of council staff lost in last decade Councils across England and Wales have lost almost a third of their staff over the past decade. A study by the GMB revealed that since 2012, almost 600,000 council jobs had gone. Advertisement Hide Ad Advertisement Hide Ad Birmingham was the worst hit council, losing 27,000 workers, followed by Derbyshire and Staffordshire. Gatwick found to be UK's worst airport for flight delays Plane prepares to take off at Gatwick. | Glyn Kirk / AFP via Getty Images Gatwick has retained its position as the UK's worst airport for flight delays. Departures were an average of more than 23 minutes behind schedule last year.
Daily Mail
22-04-2025
- Business
- Daily Mail
DCC to sell healthcare unit for £1.1bn to focus on its energy business
DCC has struck a deal to sell its healthcare arm as part of the FTSE 100 group's plans to concentrate on its energy business. The business support services firm agreed to sell the healthcare division for £1.1billion to HealthCo Investment, a subsidiary of European private equity firm Investindustrial Advisors. It anticipates receiving around £945million in net cash proceeds from the disposal, including deferred payments of £130million within two years. DCC's healthcare segment makes medical devices for hospitals, community health providers, and retail pharmacies, as well as beauty products and nutritional supplements like gummies. It has over 3,000 staff members and functions globally through 11 manufacturing sites, including five in Britain, and distribution and commercial centres. DCC plans to return surplus cash to shareholders upon completion of the deal, which is expected to happen in the third quarter of this year. The Dublin-based group announced plans to break up its business last November to focus on its energy segment, which provided nearly three-quarters of its adjusted operating profits in the 2024 financial year. By comparison, the healthcare division was responsible for just £88.1million of the company's £682.8million operating profits. Donal Murphy, chief executive of DCC, said: 'The disposal of DCC Healthcare is a material step in simplifying DCC's operations and focusing on our high growth, high return, energy business. 'The profitable sale creates immediate value for our shareholders, and we are confident that Investindustrial will take DCC Healthcare forward in the best long‐term interests of its employees, customers and suppliers.' In May 2022, DCC declared a new goal to double the energy division's operating profits by 2030 while also reducing its customers' carbon emissions. Six months ago, it claimed that 35 per cent of DCC Energy's profits originated from renewable products and services, while 42 per cent came from lower-carbon liquid gas. Andrea Bonomi, chairman of Investindustrial's advisory board, said: 'We are excited about the acquired businesses' growth potential and look forward to working with their management teams and employees in the next phase of their growth.' Founded in 1990, InvestIndustrial owns the British furniture brand OKA and classic sports car producer Morgan Motor Company. DCC shares fell 2.9 per cent to £48.36 on Tuesday morning, meaning they have shrunk by approximately 12 per cent over the past year.
Irish Independent
22-04-2025
- Business
- Irish Independent
DCC sells Healthcare arm for €1.22bn
The London-listed, Dublin headquartered, business will sell the business to HealthCo Investment - a subsidiary of European investment firm Investindustrial Advisors. The intended disposal had been flagged by DCC in December, when the business proposed a major strategic shift including plans to sell its DCC Healthcare arm within months and to review strategic options for DCC Technology within the next 24 months. The proposed changes will see the group focus purely on the energy sector, which already accounted for around 75pc of the business. The plan is to return a share from the proceeds of the disposals to investors as well as to invest in the future energy business. After confirming the Healthcare business disposal DCC said it will be a material step in the strategy to: 'simplify operations, maximise shareholder value and accelerate the growth of its energy business, the group's largest and highest returning division." DCC's CEO Donal Murphy, said: "Our strategy will continue to build DCC as a market-leading multi-energy business. "The profitable sale creates immediate value for our shareholders, and we are confident that Investindustrial will take DCC Healthcare forward in the best long-term interests of its employees, customers and suppliers." The deal is expected to close in the third quarter of 2025. DCC posted sales of £20bn (€24bn) in the 12 months to the end of March last year, and a £683m adjusted operating profit. The healthcare business generated revenue of £859m in the same year and underlying earnings of £88.1m ADVERTISEMENT DCC Healthcare has more than 3,000 employees and operates globally through 11 manufacturing sites and distribution and commercial centres. It has expanded organically as well as through 30 acquisitions since 2006. Andrea Bonomi, chairman of Investindustrial's advisory board, said: "We are excited about the acquired businesses' growth potential and look forward to working with their management teams and employees in the next phase of their growth." DCC expects net cash proceeds of c.£945m from the sale, including an unconditional deferred amount of £130m. receivable within two years.
