United Drug considering ISEQ de-listing

United Drug is considering de-listing its shares from the Irish Stock Exchange, it emerged this morning.

"The board is currently reviewing the listing arrangements for shares in United Drug, given the significant growth in international operations of the company and the substantial presence of international investors on the share register," the healthcare firm stated in a trading update.

"The board believes that FTSE UK index inclusion would result in a further increase in UK and international investor awareness of United Drug.

"The company anticipates that if shares in United Drug were only listed on the London Stock Exchange (LSE) they should be eligible for the FTSE UK Index Series, provided the Company maintains the Premium Listing of its Ordinary Shares on the London Stock Exchange (LSE) and there is adequate trading liquidity on the LSE.

"Consequently, the board is exploring the possibility of de-listing United Drug shares from the Irish Stock Exchange and a further announcement will be made as appropriate."

The company's Q2 interim management statement also stated that group revenues and profits for the nine months 30 June 30 2012 are ahead of the same period last year.

Businesses outside of Ireland is now contributing over 70% of group profits.