Ashtead Group PLC (LSE:AHT), the industrial equipment provider, is considering joining the London exodus by switching its listing to the US, according to reports.
Board members at the FTSE 100 group are concerned that the company, which operates largely in the United States, is trading a "significant" valuation gap to that of its US rivals, the Sunday Telegraph revealed.
"Ashtead is essentially a US business operationally, with over 90 per cent of its revenue and over 95 per cent of its operating profits being generated in North America," Lucinda Riches, a non-executive director at Ashtead said.
A company review is in its preliminary stages to see whether it is viable to make the same switch as done by Flutter, the betting group, CRH, the building materials supplier, and plumbing firm Ferguson.
A switch has been a focal point for the company for over a year, with boss Brendan Horgan having previously talked down the potential for a move.
“[Its] a topic that the board periodically takes under review and our position remains to be a FTSE constituent," he said back in March last year.