Ashtead's profits declined due to tough market conditions despite record revenues. Rental revenue increased 4% year-on-year, totaling $10 billion. Free cash flow rose significantly to $1.8 billion, supporting dividend increases. Ashtead plans to switch primary listing to New York in 2026. Analysts express optimism about long-term growth and strategy effectiveness.
Ashtead plans to switch its main listing to New York. U.S. operations account for 98% of Ashtead's $2.65 billion profit. The move is intended to enhance investor exposure and liquidity. Ashtead intends to retain a secondary listing in London. Record inflows to U.S. ETFs make New York listings more appealing.