INVEST IN WHAT THE WORLD NEEDS
The world needs solutions for cleaner energy, lifelong health and the technology to make progress happen. We do this by investing and reinvesting in future-focused businesses and people with the enterprise and innovation to drive progress – creating shared value for our shareholders, customers, people, society, and our planet.
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Financial highlights
£655.7 m
+11.3% adjusted operating profit
2023 : £655.7m
2022 : £589.2m
2021 : £530.2m
456.27 p
+6.1% adjusted EPS
2023 : 456.27p
2022 : 430.11p
2021 : 386.62p
187.21 p
+6.5 dividend per share
2023 : 187.21p
2022 : 175.78p
2021 : 159.80p
15.1 %
return on capital employed
2023 : 15.1%
2022 : 16.5%
2021 : 17.1%
SUSTAINABILITY HIGHLIGHTS
72.1
carbon intensity gCO₂e/MJ (scope 3)
2023 : 72.1gCO₂e/MJ
2022 : 76.4gCO₂e/MJ
2021 : 76.5gCO₂e/MJ
96 kts
carbon emissions
(scope 1 and scope 2)
2023 : 96kts
2022 : 104kts
2021 : 96kts
63%/37%
gender diversity in 2023
2023: 63% male/37% female
2022: 63% male/37% female
2021: 65% male/35% female
0.97
maintenance of health and safety LTIFR
2023 : 0.97
2022 : 0.96
2021 : 1.04
AT A GLANCE
We provide solutions the world needs across three transformative sectors: energy, healthcare and technology; where we acquire, improve and grow diverse businesses. We bring our growth mindset to our businesses in 22 countries across four continents, empowering our 16,000+ employees to create long term value – for all our stakeholders.
16,100
employees
22
countries
4
continents
160 %
total returns generated over past decade
Compared to 74% for the FTSE 100 index
SUSTAINABLE GROWTH
We measure our progress across the four pillars of our Sustainability Reporting Framework.
Climate change and energy transition
Our goal is net zero. We are committed to leading our customers in their energy transition by providing innovative and cleaner energy solutions, reducing carbon emissions.
Safety and environmental protection
Our goal is no accidents. Safety must be grounded in a culture that encourages every DCC employee and contractor to identify and raise concerns.
People and social
Our goal is to provide a vibrant, diverse and innovative place to work and be a positive member of the communities we serve. DCC is a people business, and developing and investing in our people is a key strategic objective.
Governance and compliance
Our goal is to operate in accordance with the highest standards of ethics, compliance and corporate governance.
OUR SECTORS
We support solutions for progress and growth across three transformative sectors.
ENERGY
THE WORLD NEEDS CLEANER ENERGY FOR EVERYONE
Our ambition is to double profits through strong carbon leadership. We are already on our way with over a quarter of profits coming from non-fossil sources. We bring decarbonisation closer through domestic, commercial and mobility solutions.
Dcc Energy Businesses
Energy Solutions
COMMERCIAL AND INDUSTRIAL: We are the trusted partner of commercial customers, reducing the complexity of transition and delivering energy solutions across processes, heating and fleets.
DOMESTIC: We will lead the transition for off-grid homes, making decarbonisation simple and affordable.
Energy Mobility
We are the leading multi-fuels network focused on:
RETAIL NETWORK: We operate a network of retail forecourts on motorways and in urban areas providing fuel and EV charging.
FLEET SERVICES: Multi-fuel bunkering and value add services for small/mid-sized fleets.
PERFORMANCE
15.5 bn
-2.1%
volume (litres)
2023 : 15.5bn
2022 : 15.9bn
2021 : 13.9bn
£457.8 m
+12.4%
adjusted operating profit
2023 : £457.8m
2022 : £407.1m
2021 : £376.1m
2.95 ppl
adjusted operating profit per litre
2023 : 2.95ppl
2022 : 2.57ppl
2021 : 2.71ppl
19.0 %
return on capital employed
2023 : 19.0%
2022 : 18.6%
2021 : 18.1%
£573.9 m
operating cash flow
2023 : £573.9m
2022 : £518.4m
2021 : £674.9m
15.7 %
10-year adj. operating profit CAGR
2023 : 15.7%
2022 : 18.8%
2021 : 12.4%
STRATEGY IN ACTION: CREATING LEADERSHIP POSITIONS IN BIOFUELS
From modest positions in 2022, we grew our position significantly in biofuels in 2023. Our businesses in the UK, Ireland, Austria and Sweden have developed leadership positions in the marketing and supply of HVO products, with more to come. Customers in the haulage, transport and construction sectors have been first-movers on these fuels, to decarbonise heavy equipment and fleets. Other high profile opportunities have included a successful partnership with Amazon on their backup generation for data centres.
During the year, we also announced our partnership with Oberon Fuels as we look to lead a similar journey in the decarbonisation of LPG. Oberon has real world experience in the development of renewable DME, a drop-in renewable molecule to decarbonise LPG, in North America and we are excited to partner with them for development of the molecules in Europe.
HEALTHCARE
THE WORLD NEEDS LIFELONG HEALTH
People are living longer. But whatever stage of life they’re at, we want them to be healthy too. So we support everyday health and wellness, as well as providing products that enable practitioners to diagnose and treat illness.
Dcc Healthcare Businesses
Dcc Vital - Patient Health
WHAT WE DO: We help to improve patient outcomes by providing products and services that enable healthcare providers to diagnose and treat illness.
HOW WE DO IT: We supply healthcare providers with high-quality medical and diagnostic products for use in hospital and primary care settings.
Dcc Health & Beauty Solutions - Consumer Health
WHAT WE DO: We help people to maintain and improve their health and wellbeing, enabling them to live well every day with self-care products.
HOW WE DO IT: We develop and manufacture nutritional supplements and beauty products for brand owners in a growing health and beauty market.
Performance
£821.5 m
+7.4%
revenue
2023 : £821.5m
2022 : £765.2m
2021 : £655.4m
£91.8 m
-8.6%
adjusted operating profit
2023 : £91.8m
2022 : £100.4m
2021 : £81.7m
11.2 %
operating margin
2023 : 11.2%
2022 : 13.1%
2021 : 12.5%
13.0 %
return on capital employed
2023 : 13.0%
2022 : 20.5%
2021 : 18.7%
£102.4 m
operating cash flow
2023 : £102.4m
2022 : £106.8m
2021 : £110.2m
15.9 %
10-year adjusted operating profit CAGR
2023 : 15.9%
2022 : 18.5%
2021 : 16.7%
STRATEGY IN ACTION: WIDER RANGE OF MEDICAL PRODUCTS FOR LONGER, HEALTHIER LIVES
DCC Vital’s range of medical products is expanding rapidly to meet the growing demands of a healthcare sector coping with ageing populations. Having started more than 30 years ago with Fannin Healthcare, a leading distributor in Ireland, we have extended our operations into the UK and Europe through acquisitions and organic growth.
Previous acquisitions include Leonhard Lang UK (2013), Espiner (2015) and VacSax (2019). We have also expanded through new product development, selling own-brand medical devices through our growing distributor network. Most recently, the acquisition in October 2022 of Medi-Globe, a German based medical devices supplier, has supported our international strategy, especially in the clinical areas of gastroenterology and urology.
TECHNOLOGY
THE WORLD NEEDS PROGRESS MAKERS
We are progress makers. Whatever the industry. Whatever the challenge. We make technology provide the solution.
Acting as an enabler between global technology brands and the people and businesses who use their products, we create solutions that enhance experiences, save time, and improve lifestyles.
DCC TECHNOLOGY’S THREE PLATFORMS
PRO TECH – ENHANCED EXPERIENCES
We bring technology elements together to create complete elevated experiences, enabling the digital transformation of public and private spaces for vendors and customers.
INFO TECH – FASTER CONNECTIONS
We make faster connections happen by putting the latest technology in people’s hands – fast. We provide technology for homes and businesses allowing information to flow.
LIFE TECH – HIGH-QUALITY LIFESTYLES
We make it easier for people to live high-quality lifestyles by providing technology that improves their wellbeing.
Performance
£5.3 bn
+13.3%
revenue
2023 : £5.3bn
2022 : £4.6bn
2021 : £4.5bn
£106.1 m
+29.9%
adjusted operating profit
2023 : £106.1m
2022 : £81.7m
2021 : £72.4m
2.0 %
operating margin
2023 : 2.0%
2022 : 1.8%
2021 : 1.6%
8.7 %
return on capital employed
2023 : 8.7%
2022 : 9.1%
2021 : 12.3%
£184.4 m
operating cash flow
2023 : £184.4m
2022 : £3.2m
2021 : £118.6m
9.8 %
10-year adjusted operating profit CAGR
2023 : 9.8%
2022 : 7.0%
2021 : 7.2%
STRATEGY IN ACTION: EXERTIS JAM SUPPORTING CHAUVET
The provision of complex high-tech lighting systems is a key part of DCC Technology’s Pro Tech business. Exertis Jam works with installers and integrators providing solutions to projects worldwide.
During 2022, Exertis Jam worked with Chauvet, a leading Canadian provider of pro-audio, lighting and production equipment, and a Spanish production company. Together they provided a lighting package for live, interactive experiences based on internationally-successful TV and film franchises such as Bridgerton and Harry Potter. These productions were staged in various cities around the world with great success.
Exertis Jam, in partnership with Chauvet, delivered thousands of light fixtures in multiple countries in the summer of 2022. Chauvet relied on the Exertis Jam team to work as a trusted extension of their own team, providing expertise and support, combined with excellent customer service.
This level of value-add and expertise is critical to achieving the higher returns which are a key feature of our Pro Tech business.
CHAIRMAN’S STATEMENT
The Group delivered another strong set of financial results, with adjusted operating profit growing to £655.7 million, an increase of 11.3% over the prior year. Return on capital employed remained over 15%.
This performance allowed us to extend the Group’s unbroken track record of increasing its dividend to shareholders to 29 years.
DCC’s clear strategy and business model are the foundation of the Group’s performance. We invest to generate returns. This means financial returns for our investors, and wider returns in the form of reduced carbon emissions, safe operations and attractive careers for diverse groups of people.
We also reinvest a proportion of the returns generated by Group business in organic growth and in acquisitions; and we return approximately 40% of adjusted earnings to shareholders each year.
The M&A capability of the Group, honed over 400 acquisitions, remains a key strength. We use this expertise to divest components of the Group when they no longer fit with strategy. This approach means we have clear capital allocation priorities, but remain agile in our approach, helping us fulfil our purpose of enabling people and businesses to grow and progress.
Mark Breuer
Chairman
CHIEF EXECUTIVE’S REVIEW
The decisions we make today will have long-term social, environmental and financial effects.
We want those effects to be positive: returns for our investors, cleaner energy for everyone, lifelong health and progressive technology.
We invest and reinvest in businesses that deliver sustainable positive outcomes for all our stakeholders. As we grow, we generate more and more opportunities for further investment, development and growth.
This enables progress for all of our stakeholders, in line with our purpose.
Donal Murphy
Chief Executive
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Hollie Daly
Investor Relations Manager
DCC plc, DCC House, Leopardstown Road,
Foxrock, Dublin 18, D18 PK00 Ireland