independent

Thursday 24 April 2014

DCC considers listing in London in blow to Stock Exchange

Traders await a price on the floor of the New York Stock Exchange

IN another blow to the Irish stock exchange, energy conglomerate DCC confirmed that is still considering moving its listing to London and cancelling its Dublin listing.

Such a move would be another nail in the exchange’s coffin.

Greencore recently did the same thing.

DCC said in a statement that most of its development activity and expenditure over the past two decades took place outside Ireland. Three quarters of the shares are also held by foreign investors.

''The company will remain incorporated, headquartered and tax resident in Ireland,'' DCC added.

In a statement, the company said sales and operating profits in the three months to the end of December were ''well ahead'' of the previous year.

Shares in DCC rose as much as 2.4pc this morning after the announcement.

 Stockbroker Davy said DCC’s comments show the company has put in a good performance and upgraded its forecasts for the company. Goodbody Stockbrokers said it also expects to raise profit forecasts by 2-3pc and urged investors to buy the shares which Goodbody’s says are trading at an unjustified discount to peers.

DCC, whose energy business makes up around half its profit, was hit by mild weather last year, particularly in Britain.

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