Nov 18 2025
Business Support Services
Recent Research
DCC, £600m tender offer details
Nov 17 2025
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Diploma plc
Strong FY2025 results
Diploma’s FY2025 results (to September 30th) reflect strong organic top line growth, margin expansion and 21% EPS growth. The operating performance continues to be very impressive....
DCC
£600m tender offer details
DCC has announced the terms of its proposed £600m tender offer. The company will reduce its share count by up to 12.3% at a premium to the last closing price of up to 6%. The tender...
DCC
H1 results: FY guidance reiterated and material strategic progress
DCC has reported H1 results to September 30th that are in line with our expectations. The company has maintained its FY2026 outlook for good operating profit growth on a continuing...
DCC
Liquid gas acquisitions add 1-2% to FY2027 EPS
Yesterday (October 21st), DCC announced the acquisition of liquid gas businesses in Austria and the UK from UGI International. They represent strategic bolt-ons that are complementary...
DCC
Completion of Healthcare disposal; tender offer to commence in November
DCC has announced that it has completed the sale of its Healthcare division in calendar Q3. It has also announced that it intends to launch an associated £600m tender offer shortly...
Diploma plc
Upgrading forecasts and price target but moving to ‘Neutral’
Diploma’s operating performance continues to be excellent with strong top-line growth driving margin expansion. We upgrade our forecasts and now assume 19% EPS growth in FY2025. We...
DCC
Info Tech disposal reflects further strategic progress
DCC has announced the sale of its Info Tech business. This follows on from the previously announced sale of DCC Healthcare. This reflects a further significant positive step in the...
DCC
Trading statement reflects good operating performance and strategic progress
DCC has released a trading statement for its fiscal Q1 to June 30th ahead of its AGM later today. The operating performance and outlook are in line with our expectations. The company...
DCC
FY2025 results reflect the strength of Energy and £800m of shareholder returns
Energy was the standout performer in DCC’s FY2025 results, with good organic growth supported by acquisitions. Demand weakness impacted DCC Technology, as expected. DCC has...
DCC
Disposal of DCC Healthcare
DCC has announced the disposal of its Healthcare division for an EV of £1,050m, which is around 12x EV/EBITA. Significant shareholder returns are now expected. This simplifies the...
