Irish firm DCC has today reported a first-half loss of €19.5 million due in part to setting aside cash following its loss in a court ruling.
The firm said the net loss of 23.68 cents a share compares with a €35.8 million profit, or 43.70 cents, for the same period last year.
The company said sales climbed 26 per cent to €2.26 billion.
DCC took a €50 million charge for potential liabilities and costs linked to fruit importer Fyffes's appeal of a court decision to the Supreme Court, which ruled that Jim Flavin, DCC's CEO, possessed market-sensitive information prior to selling Fyffes shares in 2000.
DCC forecast growth in the high teens and predicted an annual operating profit above analysts' estimates.
DCC also said it has agreed to buy Banque Magnetique, a distributor of electronic goods, from Fayrewood for €38.1 million.