DCC PLC
6 July 2001
AGM Statement
6 July 2001
Addressing shareholders at the Annual General Meeting of DCC plc, the value
added marketing and distribution group, which was held today in Dublin, Jim
Flavin, Chief Executive and Deputy Chairman, made the following statement:
'DCC's results in the first quarter of the financial year have been good and
we are actively pursuing a range of bolt-on acquisition opportunities in the
IT, energy and healthcare areas.
The IT Distribution business, SerCom Distribution, recently completed the
acquisition of AGP, a UK computer storage products distributor, with annual
turnover of approximately stg£35 million. SerCom Distribution has been
leveraging the skills and vendor relationships of Distrilogie, its Continental
European computer storage products distributor, and the acquisition of AGP
gives added impetus to this development.
In Energy we are progressing towards completion of the acquisition from BP of
its oil marketing and distribution business (excluding mainline petrol
stations) in mainland Scotland and Northern England. This acquisition will be
strategically important in providing a platform to develop a significant oil
marketing and distribution business in Britain over time.
With market sector diversity and a very strong balance sheet, DCC is well
positioned, in these more uncertain times, to continue to achieve excellent
long-term shareholder returns. In the five years ended 31 March 2001, DCC
generated Total Shareholder Returns of 295.3% and was ranked as the Number 1
distributor in the Financial Times 2001 European Company Performance survey.
The outlook in the current year is for continued good growth.'
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