DCC considering FTSE listing
DCC chairman Michael Buckley. The company is considering moving its stock exchange listing to London.
Business services group DCC has said it is considering moving its stock market listing to London
In an interim management statement today, the company the board is considering whether DCC should seek admission to the FTSE UK Index Series.
This would involve the cancellation of DCC's listing on the Irish Stock Exchange. Currently DCC is dual listed on the ISE and LSE and 83 per cent of DCC's trading takes place on the Irish Stock Exchange.
As part of this process, the board is also considering changing DCC's reporting currency from Euro to Sterling.
Today's trading statement said revenue and operating profit in the third quarter to the end of December was well ahead of the prior year, driven primarily by the performance of DCC Energy.
Operating profit in DCC Energy, the Group's largest division, was significantly ahead of the prior year and in line with budget.
Last year, United Drug and Greencore quit Dublin for listings in London while CRH, the largest company on the Irish market, moved its primary listing to the FTSE index.
The number of companies listed on the Irish Stock Exchange has fallen from 76 to 52 over the past decade.