DCC's chief executive Donal Murphy saw his remuneration rise more than 5 per cent to €2.9 million, driven by a significant boost in his bonus, the fuel distribution-to-technology sales group's annual report shows.
The report, for the year ended March 2018, shows Mr Murphy’s base salary increased to €820,000 from €466,075 the previous year. However, it was during this time that Mr Murphy was appointed chief executive.
His bonus in the period increased from €839,000 to €1.24 million.
Mr Murphy's predecessor, Tommy Breen, retired as chief executive on July 14th, 2017. For his work between April 1st and July 14th Mr Breen received remuneration of €2.03 million. His remuneration for the 12 month period to the end of March 2017 was €5.3 million.
DCC’s chief financial officer, Fergal O’Dwyer, received remuneration of €2.78 million in the financial year, down from €3.39 million previously. That fall largely related to a drop in his “retirement benefit expense”. Additionally, Mr O’Dwyer last year received a one-off award of €575,000 worth of shares in the company, partly to “recognise his additional responsibilities” and to support the “transition to chief executive”.
Acquisition spending
Last month the Dublin-based conglomerate which distributes and sells liquid petroleum gas, oil, healthcare products and technology, grew profit before tax in the 12 months to March 31st by 26.6 per cent to £316.4 million (€358.8 million) from £250 million (€283.5 million).
DCC’s revenues rose 16.3 per cent to £14.26 billion (€16.17 billion) from £12.3 billion (€13.95 billion). Net debt grew to £542.7 million (€615.4 million) from £122 million (€138.3 million) on the back of its acquisition spending.
The company spent £670 million (€759 million) on acquisitions in the year, the highest level of spend in the company’s history.
“We had another successful year from a trading perspective, delivering good organic growth within the existing business,” Mr Murphy said in his review. He added that the next financial year will be “another year of profit growth and development for the group”.
