DCC PLC
28 July 2000
DCC ANNOUNCES SHARE BUYBACK
DCC plc, the value added marketing and distribution group, has achieved
excellent growth since its listing in 1994. EBIT has increased at a compound
rate of 19.2% p.a. and adjusted EPS (before net exceptional gains and goodwill
amortisation) at a compound rate of 18.5% p.a. over this period.
DCC has also been extremely cash generative throughout this period and at 31
March 2000 had net cash of EUR89.2 million.
The Group expects a year of further progress and intends to continue investing
both organically and by acquisition to exploit growth opportunities in its
markets.
The Group also intends to avail of opportunities to buy back the company's
stock at attractive prices which will enhance the Group's earnings per share.
Such a selective approach to share buy backs will have a minimal impact on
DCC's financial capacity and is intended to complement, rather than substitute
for, the Group's significant capital spending and acquisition programmes.
DCC has today purchased 2,563,045 of its own shares (representing 2.9% of its
issued share capital). 200,000 shares were purchased at EUR9.45 per share and
2,363,045 shares at EUR9.50 per share at a total cost of EUR24.3 million.
For reference:
Jim Flavin, Founder and Chief Executive Tel: +353 1 2831011
DCC Website: www.dcc.ie
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