Equipment rental giant Ashtead plans to move its main stock market listing to the United States, in a further blow to the London Stock Exchange.
He said the United States was a “natural place to list for the long term” because most of its profits were in North America, along with its bosses, headquarters and the majority of its employees.
Ashtead is the latest of several major companies to delist from the London Stock Exchange in recent years, which denied being in crisis in May.
Ashtead said it would discuss its proposal with shareholders before putting it to a vote.
The company aims to move its primary listing to the US in the next 12-18 months, but will retain a UK listing as an international company.
The construction equipment rental company has more than 25,000 employees.
Ashtead said full-year profits would be lower than expected due to “dynamics in the local U.S. commercial construction market,” which are expected to affect rental sales growth.
Companies worth hundreds of billions of pounds have left the London Stock Exchange for the United States in recent years, sparking concerns about the UK's attractiveness for investment.
These include Cambridge-based microchip giant ARM Holdings, which is now selling its shares in New York, and Paddy Power owner Flutter.
