Construction equipment group generates most of its profits in North America
Construction equipment rental group Ashtead plans to move its listing from London to New York, in a blow to the UK stock market as it battles to retain its status as an attractive destination for international companies. The FTSE 100 group, which makes almost all its profits in North America, said on Tuesday that following a review the board “has concluded that the US market is the natural long-term listing venue for the group”.
Ashtead’s decision is a blow to chancellor Rachel Reeves’ efforts to bolster London’s global standing. UK politicians and regulators have been pushing to overhaul UK rules to ensure London remains attractive to international companies. The Financial Conduct Authority in July unveiled the biggest overhaul of the UK’s listing rules in three decades.
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