16th Oct 2013 08:30
LONDON (Alliance News) - Builders merchants and DIY products company Grafton Group PLC Wednesday completed its move to the London markets, a change it hopes will mean it is included in a FTSE index boosting its profile and attracting more international investors.
The company has dumped its listing in Dublin which prevented it from being included in any FTSE index, and now has a single main listing on the London Stock Exchange, although it will remain headquartered and domiciled in Ireland and pay its tax there.
It already makes about three quarters of its revenue in the UK under brands including Selco, Buildbase and Plumbworld.
It thinks it will be included in a FTSE index from the next quarterly index review and will start trading in an index from December 20. It will also report in sterling from when it puts out its full-year results, and will pay its dividends in sterling from next March.
Its shares were trading at 595 pence in London Wednesday morning, giving it a market capitalisation of about 1.4 billion. If it maintains that valuation it would likely enter the FTSE 250.
By Steve McGrath; [email protected]; @SteveMcGrath1
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