DCC Energy adjusted operating profit edges up ahead of takeover by KKR

DCC Energy PLC on Tuesday announced a rise in adjusted operating profit as it expects its takeover by private equity firm KKR to complete in the first quarter of next year.

The Dublin-based energy sales, marketing and distribution company reported a loss after tax of £262.7 million for the six months to September 30, widened from £176.1 million a year earlier, despite higher revenue and profit from continuing operations.

Revenue rose to £7.29 billion from £6.06 billion, while gross profit increased to £900.0 million from £806.3 million.

Pretax profit climbed to £81.5 million from £37.8 million, while profit after tax from continuing operations rose to £61.0 million from £23.9 million.

DCC Energy last month announced a deal to sell its Nexora technology division. It sold Nexora to funds managed and/or advised by One Equity Partners at an enterprise value of USD725 million.

The Nexora businesses are presented as discontinued operations, DCC Energy said Tuesday.

Loss after tax from discontinued operations widened to £323.7 million from £200.0 million.

Pertinently, DCC Energy said adjusted operating profit edged up 1.1% to £175.2 million from £173.3 million.

The company expects its takeover by New York-based Kohlberg Kravis Roberts & Co LP to complete in the first quarter of 2027. Back in July, DCC agreed to a £5.75 billion takeover offer from funds advised by KKR and Energy Capital Partners Management LP. DCC shareholders will receive a total of 6,567p per share including the Nexora sale proceeds.

DCC Energy shares were 0.1% lower at 6,455.00 pence each on Tuesday morning in London.

Chief Executive Donal Murphy said: "DCC Energy delivered a good performance in the first half, despite a difficult demand environment. Strong trading in Energy Products and Mobility and continued acquisition activity demonstrate that, alongside transforming the group, we remain firmly focused on growing and strengthening the business. Energy Services continues to face challenging market conditions."

He added: "DCC Energy now looks ahead to the future with confidence."

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