Listing threat: FTSE 100 equipment rental company Ashtead has reported a drop in annual profits
Ashtead admitted that he has considered listing his shares in New York, in what would be another setback for the city.
As the FTSE 100 equipment rental company reported a drop in annual profits, chief executive Brendan Horgan told analysts the board regularly reviews its “listing residency”.
He insisted the group has no plans to move at this time, but the comments failed to quell speculation that this could happen in due course.
Reports this month suggested that Ashtead was in the early stages of its movement across the Atlantic. Recently, Square Mile has seen a wave of London-listed companies close their doors.
Horgan’s comments came as Ashtead posted a 2 per cent drop in annual profits to £1.7bn and revenue rose 12 per cent to a lower-than-expected £8.5bn. Ashtead said he expects revenue growth to slow next year.