Diversified Irish distribution group DCC has confirmed it’s moving its stock market listing from Dublin to London.
It said it now derives the majority of its revenue and profits from the UK and continental Europe. It added that the potential benefits of being listed in the UK FTSE Index Series would also increase awareness of DCC among the international investor community.
It will cancel its listing in Dublin on May 3 and will also start reporting its results in sterling.
DCC generates just 14pc of its profits in Ireland and 68pc in the UK. It generated revenue of €10.7bn in the year to the end of last March and €185m in operating profits.
The company is one of the biggest distributors of home heating oil in the UK. It employs about 9,000 people and is also involved in the marketing and distribution of medical and pharma products, home entertainment consoles such as Microsoft’s Xbox, and also engaged in waste management activities.