DCC said its first quarter operating profit was "significantly" higher than the same period last year and modestly ahead of expectations, driven by the performance of its energy division.

The international sales, marketing, distribution and business support services conglomerate said Brexit has little material impact on its business as it does relatively little cross-border trade.

However, a weaker pound will further boost profit for the group, which reports in sterling and generates half its earnings outside the UK, it said in a trading update ahead of its annual general meeting in Dublin on Friday.

In the year to the end of March, the FTSE 100 company acquired the French liquefied petroleum gas (LPG) business Butagaz in a £319 million (€385 million) deal and Esso’s unmanned and motorway retail petrol station network in France for €122 million. It is also on track to complete the acquisition of Danske Fuels, a retail, aviation and commercial fuels business in Denmark from Shell by the end of 2016.

The energy division’s recent acquisitions helped drive DCC’s growth, while trading in its healthcare, technology and environmental units was also ahead in the first quarter.

“DCC’s profits are significantly weighted towards the second half of the financial year,” DCC said, adding that the company still expects to deliver another year of profit growth and development.

The group, led by chief executive Tommy Breen, said its “strong equity base, together with a strong and liquid balance sheet, leaves it well placed to continue the growth of its business in existing and new geographies.”

The company has previously said that remains on the hunt for further acquisitions, particularly in the energy sector in Europe.

“We think the strength of its balance sheet, coupled with its track record of executing deals, is a strong relative competitive advantage when bidding for assets,” said Davy analyst Allan Smylie, who has raised his full-year earnings forecast for DCC by 2 per cent, purely on currency benefits.

“In the event of a UK recession, we also believe the group has a very defensive earnings stream, with energy and healthcare accounting for 83 per cent of group profits,” Mr Smylie said.