Ashtead Group PLC (LSE:AHT) has proposed switching its primary listing from the UK to the US, marking yet another blow to London.
“The board has concluded that the US market is the natural long-term listing venue for the group and that moving to a US primary listing is in the best interests of the business and its stakeholders,” the industrial equipment rental firm said on Tuesday.
FTSE 100-listed Ashtead added it was “substantially a US business”, with the majority of profits coming from across the Atlantic and its headquarters already there.
Potential benefits would include “enhanced overall liquidity in the group's shares given access to deeper US capital markets,” Ashtead noted.
Ashtead, which said the move was subject to shareholder approval, would follow other former FTSE 100 constituents in seeking out better fortunes across the Atlantic.
Both Paddy Power owner Flutter Entertainment PLC (LSE:FLTR) and CRH PLC (LSE:CRH, NYSE:CRH) previously switched their primary listings, adding to woes for London as a string of others have left for elsewhere or been taken over.
Ashtead separately reported a 2% increase in revenue to US$5.7 billion and 1% drop in operating profit to US$1.5 billion for the first half of the year.