Group operating profit increased by 33.3% to £117.8 million (26.5% ahead on a constant currency basis), in the seasonally less significant first half. The average sterling/euro translation rate for the six months ended 30 September 2016 of 1.2364 was 11.1% weaker than the average of 1.3902 in the comparative period. Approximately one third of the constant currency operating profit growth was organic.
Operating profit in DCC Energy, the Group's largest division, was 43.8% ahead of the prior year (33.1% ahead on a constant currency basis), driven principally by the two large acquisitions in France completed in the prior year, which continue to perform strongly. The division also recorded strong organic profit growth in its LPG and Retail & Fuelcard businesses.
Within the Energy Division a strategic acquisition was also announced. DCC Energy has agreed to acquire Gaz Européen Holdings SAS ("Gaz Européen"), a natural gas retail and marketing business which supplies business and public sector customers in France. DCC has agreed to acquire 97% of the share capital of Gaz Européen on completion, based on an initial enterprise value of €110 million (£96 million).
See the full results here.