Might Ashtead “do a Ferguson” and shift its primary market listing to the United States — and perhaps spin off its British division in the process?
Like its FTSE 100 peer, this diversified rentals company makes about 90 per cent of its profits in North America, having turned a relatively small acquisition there into a blockbuster success. And, like Ferguson, which is in plumbing and heating supplies, Ashtead has found trading conditions in the British market, where it operates the A-Plant tool and equipment hire business, tough amid pressure on construction markets and industry in general. There’s also an intriguing link in that Geoff Drabble, Ashtead’s 60-year-old former chief executive, was hired last year by Ferguson to be its new chairman.
Switching listings
