DP World prepares for London listing

DP World said that it is on track for a listing on the London Stock Exchange (LSE).

The port operator – a more profitable part of the debt-laden Dubai World – has passed on its full ear results to the LSE in preparation to lay the groundwork.

"We are on track for the London listing," chief executive Mohammed Sharaf said. "We have submitted the 2010 results to the exchange. It now depends on the process in London. We are hoping to do it as soon as possible."

Sharaf had said DP World planed to list in the second quarter of 2011 but no date has been set.

The port operator's net profit rose to $450m (£275m) in 2010, as shipping volumes increased, compared with a profit of $333m in 2009. Shipping volumes grew by 14 per cent last year.

"In the first two months of 2011 we have seen 12 per cent volume growth across our consolidated portfolio with further margin improvement from the full year 2010," Sharaf said in a statement.

Revenue rose by nine per cent to $3.078bn.