Ashtead, one of Britain’s prominent blue-chip companies, has announced plans to shift its primary listing to New York, marking a significant setback for the London Stock Exchange.
The FTSE 100 plant hire giant stated that the move is “in the best interests of the business and its stakeholders,” citing that 98% of its operating profit originates from North America, which is also the company’s “core growth market.”
This decision, first reported by the Telegraph, reflects a growing trend among UK firms with substantial American operations opting to pivot towards Wall Street, seeking increased valuations. Other companies making similar moves include Flutter, CRH, and Ferguson, which have either shifted entirely or sought secondary US listings.
Ashtead, known for renting out heavy machinery and equipment such as cranes, excavators, and scaffolding to the construction sector, plans to transition its primary listing to the US within the next 12 to 18 months while retaining a UK listing in the international companies segment.
The company will engage with investors in the coming weeks to discuss the proposal before seeking approval from its wider shareholder base at a general meeting “in due course.”
The announcement coincided with a warning from Ashtead that annual profits are likely to fall short of expectations due to “local commercial construction market dynamics in the US,” which are expected to impact rental sales growth.
