DCC, the industrial holding group with interests in food, energy, health care and computer services, has said it is actively pursuing a number of acquisition and development opportunities.

"They are not going to be showstoppers, but sensible bolt-ons," chief executive and deputy chairman, Mr Jim Flavin, told shareholders at the annual meeting. He said the company could comfortably afford to spend £100 million on acquisitions although it could rise to more than that if "an exceptional opportunity" arose.

At the moment, however, it is working on acquisition opportunities ranging from modest to medium-sized. Mr Flavin also said DCC was budgeting for continued growth in the current financial year and had achieved its budget for the first two months of the year although profits are expected to be heavily weighted toward the second half, as in the past.

In response to a shareholder query, DCC said Tesco's takeover of Quinnsworth was not having any material impact on the group's food division.

Mr Flavin said DCC had enjoyed a good relationship with Quinnsworth and this had carried on under the new owners and that DCC saw opportunities in the takeover.

However, just 12.5 per cent of DCC's food sales go to multiples like Tesco with the catering trade and independent outlets accounting for the bulk of turnover.