Equipment hiring giant Ashted plans to move its primary stock market listing to the US in a fresh blow to the London Stock Exchange.
It said the US was a “natural long-term listing location” because most of its profits were in North America, with its owners, headquarters and the majority of its employees.
Ashtead is the latest of several large companies to delist from the London Stock Exchange in recent years. which denied it was in crisis in May.
Ashtead said he would consult with shareholders before voting on his proposed move.
The firm aims to move its main listing to the US in the next 12 to 18 months, but will retain its UK listing as an international company.
The company, which hires construction equipment, has more than 25,000 employees.
Annual profit will be lower than expected due to “domestic commercial construction market dynamics in the US,” which is set to weigh on rental sales growth, Ashtead said.
Firms worth hundreds of billions of pounds have been leaving the London Stock Exchange for the US in the past few years, raising concerns about how attractive Britain is for investment.
They include Cambridge-based microchip giant ARM Holdings, which now sells its shares in New York, and Paddy Power owner Filter.