Industrial holding company DCC has been rewarded for a strong set of full-year figures, driven by strong organic growth and a full contribution from recent acquisitions, with an upgrade from Davy.

The broker has marked up forecast pre-tax profits from next year to €80 million (£63 million) from €77.8 million and for the following year to €91.7 million from €89.4 million.

The new figures imply growth rates of 15 per cent and 13.8 per cent respectively, conservative given historical rates above the 18 per cent mark.

With such strong recent growth rates, a positive outlook across its operations and a management with a good track record, Davy has made the share a strong buy at its current price of around €10.70.