REG - DCC PLC - Acquisition
Released: 14/12/2009
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RNS Number : 0439E
DCC PLC
14 December 2009
14 December 2009
DCC acquires a leading oil distribution and fuel card business in Britain
DCC plc, the business support services group, has agreed to acquire the entire issued share capital of Brogan Holdings Ltd
("Brogans"), a leading fuel distribution and fuel card business in Britain. Brogans, which is headquartered in Motherwell
in Scotland, operates from 15 fuel distribution depots in Scotland and the north of England while its fuel card business
also has an office in Canterbury in the south of England. Brogans has a fleet of 87 road tankers and 279 employees.
Brogans sold 447 million litres of fuel in its financial year ended 31 May 2009. This comprised 343 million litres of
heating and transport fuels sold to a broad range of approximately 40,000 domestic, commercial, industrial and agricultural
customers and 104 million litres of motor fuels sold through fuel cards to approximately 10,000 customers. Brogans markets
fuel cards under a number of leading brands including BP, Diesel Direct, Shell and Texaco.
Brogans' adjusted operating profit for its financial year ended 31 May 2009 was E7.9 million (StgP7.1 million) on sales of
E329 million (StgP296 million). Its gross tangible operating assets at 31 May 2009 were E35.3 million (StgP31.8 million)
and its net tangible operating assets were E5.3 million (StgP4.8 million).
The consideration payable for Brogans, net of cash acquired and based on an average working capital position over the
twelve months to 30 November 2009, is E47.2 million (StgP42.5 million). The consideration is payable in cash.
Tommy Breen, Chief Executive of DCC plc, said today:
"The acquisition of Brogans will further enhance DCC Energy's position as the leading oil distributor in Britain, bringing
its market share to approximately 14%, and will also significantly increase the scale of DCC's fuel card operations in
Britain. We are confident that the integration of Brogans with DCC's existing oil distribution and fuel card activities
will deliver returns on capital broadly commensurate with previous energy acquisitions."
For Reference:
Tommy Breen, Chief Executive, DCC plc
Donal Murphy, Managing Director, DCC Energy
Conor Murphy, Investor Relations Manager
Telephone: +353 1 2799400
Email: investorrelations@dcc.ie
Web: www.dcc.ie
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