and receive alerts when they’re in the news Proactive financial news and online broadcast teams provide fast informative and actionable business and finance news content to a global investment audience All our content is produced independently by our experienced and qualified teams of news journalists Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London We are experts in medium and small-cap markets we also keep our community up to date with blue-chip companies commodities and broader investment stories This is content that excites and engages motivated private investors The team delivers news and unique insights across the market including but not confined to: biotech and pharma crypto and emerging digital and EV technologies Proactive has always been a forward looking and enthusiastic technology adopter Our human content creators are equipped with many decades of valuable expertise and experience The team also has access to and use technologies to assist and enhance workflows Proactive will on occasion use automation and software tools all content published by Proactive is edited and authored by humans in line with best practice in regard to content production and search engine optimisation Ashtead Group PLC (LSE:AHT) shares came under pressure on Tuesday after analysts at RBC Capital downgraded the equipment rental giant to 'sector perform' from 'outperform' warning that a slowdown in the US could hit demand harder than expected The downgrade comes with a sharp cut to earnings forecasts even though revenue estimates were only trimmed by 6% for 2026 and 13% for 2027 Because of the way Ashtead’s business is structured a relatively small hit to revenues translates into much bigger drops in profits Analysts now expect earnings per share to fall by 21% in 2026 and 33% in 2027 putting them about 25% below broader market expectations which has already seen its share price fall 18% this year was also hit by a big reduction in price target The next 12 to 18 months look set to be challenging Sign up to receive alerts and news direct to your inbox Autonomix Medical CEO Brad Hauser joined Steve Darling from Proactive to announce a significant milestone in the company’s development of breakthrough neuro-modulation technology The company has released a compelling new video testimonial from a patient who participated in the initial phase of.. 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Terms of use From being a market darling and almost the poster child for the long-term benefits of compounding, the last couple of years have seen equipment hire firm Ashtead (AHT) struggle to make much headway which have more or less traded sideways for the last three years dropped to a 12-month low of £45.85 on the back of the latest trading update which saw third-quarter sales undershoot market expectations For the three months to end of January 2025, Ashtead reported total revenue of $2.57 billion (£2 billion at current exchange rates) a 3% decline on the same period a year earlier and a marked deceleration from the 2% growth registered in the first half was $2.38 billion (£1.87 billion) or 1% higher than the previous year below the consensus forecast for a 2% increase and again a marked drop from the 6% growth rate of the first half the firm lowered its full-year sales growth forecast to a range of 3% to 5% and warned earnings would be below estimates due to ‘local commercial construction market dynamics’ in the key US market saying the strength of ‘mega projects’ and hurricane response efforts during the quarter had more than offset the lower level of activity in local markets which continue to be impacted by the prolonged higher interest rate environment third-quarter EBITDA (earnings before interest depreciation and amortisation) and pre-tax profits were in line with forecasts thanks to what Jefferies’ analyst Allen Wells called ‘strong drop-through’ Wells also noted the firm trimmed its full-year growth guidance for the Canadian business on weaker film rental and tariff uncertainty and although it maintained its outlook for the year to April 2025 there was no guidance for the year to April 2026 ‘If Ashtead is a barometer for the health of the US economy its results imply the country is coming down with a cold,’ commented AJ investment director Russ Mould The company is ‘staring into the unknown with major uncertainties over near-term earnings,’ added Mould as tariffs create uncertainties over inflation DISCLAIMER: Financial services company AJ Bell referenced in this article owns Shares magazine The author of this article (Ian Conway) and the editor (James Crux) own shares in AJ Bell Essential digital access to quality FT journalism on any device Complete digital access to quality FT journalism with expert analysis from industry leaders Complete digital access to quality analysis and expert insights complemented with our award-winning Weekend Print edition Terms & Conditions apply Discover all the plans currently available in your country See why over a million readers pay to read the Financial Times Phone: +44 (0) 1858 438800 Email: [email protected] You are currently accessing Investment Week via your Enterprise account If you already have an account please use the link below to sign in If you have any problems with your access or would like to request an individual access account please contact our customer service team Email: [email protected] Join now Login Linus Uhlig is a senior reporter at Investment Week © Incisive Business Media Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR. 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Part of Arc network, www.arc-network.com Construction rental group has been listed in London since 1986 but makes nearly all its profits in the US plans to shift its primary listing to New York in the latest blow to the London stock market The company, which has been listed on the London Stock Exchange (LSE) since 1986 said the US was a natural home for the company given that nearly all of profits – about 98% – are made across the Atlantic its switch away from the UK represents another snub to the LSE which a number of high-profile businesses have left The rental business was founded in Ashtead in 1947 and hires out everything from portable heaters to forklift skips bosses embarked on a series of US acquisitions from the early 2000s that enlarged its American operations and eventually led to the bulk of its employees and executives being based in North America While Ashtead’s formal headquarters are in London bosses said most of its operations were run out of offices in South Carolina “The board has been evaluating the optimal listing location for the group,” Ashtead told investors “The board has concluded that the US market is the natural long-term listing venue for the group and that moving to a US primary listing (while retaining a UK listing in the international companies segment) is in the best interests of the business and its stakeholders “Today Ashtead is substantially a US business with almost all the group’s operating profit … derived from North America which is also the core growth market for the business.” Meanwhile, London has lost out on blockbuster IPOs including that of the UK chip designer Arm, which opted to list on Wall Street in August 2023. The buy now, pay later company Klarna has followed suit Ashtead shares dropped sharply on Tuesday to value it at £27.4bn, making it the 25th largest company on the FTSE 100 Ashtead’s shares fell 11% on Thursday morning The company – which operates under the Sunbelt Rentals brand – said the move would ensure it had more exposure to American investors in a market where it would be easier to raise money for the business Ashtead added that it would also help it to recruit and retain “top US talent” That comment is likely to add to controversial calls from some to increase executive pay in the UK amid claims that companies and executives will continue defecting overseas where remuneration is much higher Free daily newsletterGet set for the working day – we'll point you to all the business news and analysis you need every morning In 2022 average pay for UK executives was a fifth of what their US counterparts were getting Bosses at the London Stock Exchange argue that this differential is particularly worrying for big international companies that compete for business in foreign markets but end up being paid “significantly below global benchmarks” Ashtead said it would discuss its plans with shareholders before putting forward a formal vote “in due course” “The board expects that the necessary steps would be implemented over the next 12-18 months,” Ashtead said Some are necessary and we can’t switch them off Others help us to provide you with the best possible service We use cookies to personalise content and ads to provide social media features and to analyse our traffic We also share anonymous information about your use of our site with our social media By accepting cookies you will be helping us to continue to provide you with the best possible service hopes to proceed with a listing on the New York stock exchange under a new company called Sunbelt Rentals Holdings Inc The listing could take effect in the first quarter of 2026 Ashtead said in early December last year (see story below) that it was considering the move and since then has consulted shareholders It said shareholders “had understood the rationale and been supportive of the proposed move.” The business will retain a secondary stock market listing in London There will now be a formal vote on the proposal by Ashtead shareholders at an extraordinary general meeting (EGM) with approval requiring 75% in value of the shares voted Ashtead said a circular will be distributed to shareholders in mid-May with the EGM scheduled for June “Subject to shareholders voting in favour of the proposals at the EGM it is currently expected that the scheme of arrangement will take effect in the first quarter of 2026” and the new US primary listing (and the secondary listing in London) will commence.” Ashtead’s Sunbelt operations in the US and Canada generate total annual revenues of around US$10 billion while its business in the UK has annual revenues of approximately £730 million Off Highway Research - Market research Unique marketing services that create demand for your products locally Marketing Services Download Media Kits \n To help personalise your experience with HL and show you relevant content and adverts \n By clicking "Accept All Cookies", you consent to our use of cookies. You can change this at any time. If you want to know more, read our cookie policy To make sure you get the most from our website \n These allow our website to work properly and gives us anonymous\n information about how the website is used.\n \n The website will remember you (for example for faster login) and help\n us understand how you use the site.\n \n You\'ll see tailored adverts you will still see\n adverts but they may not be relevant to your interests.\n \n Find out more about how we use cookies\n All investments can fall as well as rise in value so you could get back less than you invest 0%View factsheetSign up for email updatesPrices delayed by at least 15 minutesAshtead reported revenue growth of 2% over the first half mega projects and hurricane response efforts more than offset lower activity in local commercial construction markets Underlying operating profit fell 1% to $1.5bn as lower used equipment sales and higher costs more than offset the revenue growth Net debt at 31 October 2024 was $10.9bn (2023: $10.6bn) and free cash flow of $420mn compared to a $355mn outflow last year now looking for rental revenue growth of 3-5% (previously 5-8%) though that is expected to boost free cash flow which is expected at around $1.4bn (previously $1.2bn) Ashtead plans to move its main listing to the US while maintaining a secondary listing in the UK An interim dividend of $0.36 per share was announced With four downgrades in the last five quarters Ashtead is earning a reputation for falling short and higher interest rates continue to trouble the US real estate market and Ashtead's more cautious investment approach after arguably overspending into a slowing market means more cash flowing through the business North America remains the real growth opportunity ranging from the onshoring of supply chains to government legislation looking to expand infrastructure and chip manufacturing There’s been some softness in the selling price of second-hand equipment compared to inflated levels seen in the recent past rental prices are proving strong and are expected to stay that way There are also some conflicting views around non-residential construction trends in the US (aside from mega-projects but we think the data points to improving trends Ashtead's scale and expertise are proving valuable and the group's taking around 30% market share of these mega-projects in the US The bigger players have an advantage in the fragmented industry and the balance sheet's being flexed to snap up smaller players in the space Growing the speciality business is also a key strategy (things like scaffolding These businesses present a varied income stream for Ashtead which should help provide a little more resilience during downturns Debt has risen as investment in expansion continued in recent quarters but the balance sheet is in reasonable health and means the group can invest to meet the extra demand when appropriate as the focus shifts from expansion to cash retention We see Ashtead’s plan to shift its primary listing as a small positive given the opportunity for better valuations and greater access for US investors UK investors will still have access through a secondary listing on UK markets we're supportive of the sector with several structural tailwinds underway and we prefer larger-scale names like Ashtead We continue to expect growth in the top and bottom lines and still see some upside to the current valuation But there are no guarantees and missteps will be punished General Industrial companies are medium risk in terms of ESG but can trend up to the higher end of the spectrum depending on subindustry The primary risks can include labour relations emissions (either product or production-based) Other concerns are waste and health & safety Ashtead’s overall management of material ESG issues is strong Ashtead reports on Scope 1 and 2 emissions has initiatives in place to reduce emissions and aligns these initiatives with its risk management programme the company's carbon intensity trend experienced a moderate decline and executive pay is explicitly tied to ESG performance targets Please remember yields are variable and not a reliable indicator of future income Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture so you could get back less than you put in We're here to help - call our helpdesk or send us a message. Contact us All rights reserved.Hargreaves Lansdown is a trading name of Hargreaves Lansdown Asset Management Limited a company registered in England and Wales with company number 01896481 and authorised and regulated by the Financial Conduct Authority Information about us can be found on the Financial Services Register (register number 115248).Registered Office: 1 College Square South Key events for wealth managers in the week beginning 3 March Ashtead will release its third-quarter results on Tuesday amid plans to move its primary listing from the LSE to the New York Stock Exchange Despite most of the company’s business coming from the US a possible beneficiary of Trump’s plans to grow the US economy the stock has gone down 7% in the last year which leaves the shares one quarter below 2021’s all-time high two for fiscal 2024 and now one for the year to April 2025 owing to the Hollywood writers’ and actors’ strikes and then 2024’s hurricane season flagged strong work following hurricane strikes and ongoing major projects under the Inflation Reduction Act as positives but then admitted higher interest rates had hit construction activity in the USA.” Full-year rental sales growth expectations now sit between 3-5% Analysts have also downgraded their expectations for group sales to £10.7bn which would result in a 7% drop in year-on-year pre-tax profit “Management’s guidance on capital expenditure should also be informative the more kit it will buy so it can rent it out,” the AJ Bell trio said capex was down by a third to $1.7 billion and the firm made just two bolt-on acquisitions at a cost of $53 million compared to the $705 million spent on sixteen purchases the year before Capex for the year is now due to be around $2.6 billion down from $3.8 billion in the year to April 2024.” Health and hygiene company Reckitt Benckiser will produce its full-year results on 6 March as it attempts to rebuild its share price from an all-time low last July The share price woes resulted in a turnaround strategy introduced by CEO Kris Licht which includes a new corporate operations structure “Analysts and shareholders will therefore have much to ponder but the first datapoint they will check will be volume and price growth across the whole group and the individual reporting segments under both the old and new structures,” Mould “Reckitt’s big challenge has been a slowdown in volumes and price across the whole group with Nutrition an understandable source of particular discomfort given the high-profile legal case.” Analysts anticipate sales for the year to fall 3% to £14.7bn with an operating profit of £3.3bn This leads operating margin to be estimated at around 23% “Such lofty operating margins tend to translate into strong cash flow and analysts do expect an increase in the annual dividend After a 5% increase in the interim dividend analysts think that Reckitt’s board will sanction a total some 4% higher than in 2023,” the AJ Bell trio said Shares in Ashtead (AHT) fell as much as 10% in morning trading as the equipment rental firm issued a profit warning and said it will be moving its primary listing to the US The equipment rental firm joins a growing list of UK companies moving their primary listing to New York including construction materials firm CRH (CRH) in April 2023, gaming, and betting firm Flutter Entertainment (FLTR) and speciality pharmaceutical business Indivior (INDV) this year Market research and polling outfit YouGov (YOU:AIM) is also considering moving its primary listing to New York but has yet to confirm if this will happen investment analyst at AJ Bell said: ‘Companies have typically shifted their main stock listing from the UK to the US in search of a higher valuation That doesn’t apply to Ashtead as it already trades on a richer valuation versus its closest listed rival Ashtead trades on 18.6 times the next 12 months’ earnings versus United Rentals on 18.5 times ‘Ashtead’s decision is another blow to the London Stock Exchange as the latter battles a shrinking market Ashtead’s impending listing switch was inevitable so in a way it’s better to happen now so the LSE can start the New Year fresh with a sharp focus on rebuilding the UK’s market reputation.’ Separately, the equipment rental firm issued a profit warning ‘as a result of local commercial construction market dynamics in the US.’ ‘We now guide to group rental revenue growth for the full year in the range of 3%to 5% and hence full year profit lower than our previous expectations,’ said the company It was not all bad news for the company as it reported a 2% increase in group revenue to $5.69 billion and a 6% increase in rental revenue to $5.26 billion for the half year ending 31 October The equipment rental firm also announced a share buyback programme of up to $1.5 billion over the next 18 months Ashtead’s chief executive Brendan Horgan said that the strength of mega project in North America and hurricane response efforts ‘more than offset the lower activity levels in local commercial construction markets.’ DISCLAIMER: Financial services company AJ Bell referenced in this article owns Shares magazine The author of this article (Sabuhi Gard) and the editor (Martin Gamble) own shares in AJ Bell LEARN MORE ABOUT ASHTEAD Ashtead Group PLC (LSE:AHT) said it will be listed in the US as Sunbelt Rentals if investors vote for it at a meeting in June This follows the decision of the equipment rental group's board that a US primary listing would be in the best interests of the company and investors with a secondary listing retained in London the chair and the executive team have met with a wide variety of shareholders who have understood the rationale and been supportive of the proposed move," the FTSE 100 company said in a mid-morning statement Shareholders will vote on a proposed UK scheme of arrangement at an extraordinary general meeting and if the required 75% majority is obtained the move is expected to take effect in the first quarter of 2026 Ashtead said finance chief Michael Pratt will step down as a director at the end of this month while remaining on hand until he retires in September Aberdeen (ABDN), Ashtead (AHT), Beazley (BEZ), Inchcape (INCH), Warehouse Reit (WHR), Team Internet (TIG), Supermarket Income Reit (SUPR) Results for fund manager Aberdeen (ABDN) were notable for the rediscovery of its vowels after a rebranding of the company under new chief executive Jason Windsor returned the company to within the approximate parameters of the English language In undoing the single most notable contribution of his immediate predecessor Windsor described this as “a pragmatic decision marking a new phase for the organisation as we focus on delivering for our customers While investors may have toasted this victory for grammar the 12 per cent share price rise in morning trading was related to clear evidence that the Aberdeen supertanker has started to turn Net outflows for the year fell to just £1.1bn as the company targeted the adviser market more aggressively along with signs that retail investors were starting to reduce cash holdings; net inflows in the D2C business better known as platform Interactive Investor Read more: Active fund firms struggle to convince investors Tariffs start to knock an already faltering US economy The dogs of the FTSE 100 finally deliver Why Warren Buffett is ditching US stocks How to make the most of salary sacrifice There are AI winners apart from Nvidia: Nick Train of Finsbury Growth & Income Ashtead (AHT) reported a drop in revenue and profit in its third quarter due to construction market weakness in North America, as the FTSE 100 equipment rental group looks ahead to moving its primary listing stateside next year. For the quarter to 31 January, revenue fell 3 per cent to $2.6bn (£2bn) on lower sales of used equipment and flat rental revenue. Profit before tax was down 7 per cent to $409mn. Ashtead confirmed last month that it would proceed with a plan to shift its primary listing to New York and rebrand as Sunbelt Rentals Holdings. This is expected to take place in the first quarter of 2026. The shares fell 4 per cent in early trading. CA Shares in Beazley (BEZ) reached a record high following a profit beat and the announcement of a $500mn (£393mn) buyback.  The FTSE 100 insurer increased profit before tax by 13 per cent last year to $1.4bn, compared with consensus estimates of $1.3bn. Growth was fuelled by a rise in insurance premiums and investment gains. Meanwhile, estimated losses from the recent California wildfires were only modestly ahead of expectations at $80mn. Analysts at the Bank of America described this as “manageable and welcome relief”.  Strong excess capital generation has enabled Beazley to announce a $500mn share buyback. It has also rebased its ordinary dividend to 25p, which represents a 76 per cent increase. JS Inchcape (INCH) reported a rise in revenues and adjusted operating profits, laid out a new set of medium-term targets and unveiled a £250mn share buyback in its full year results. Revenues rose 4 per cent to £9.3bn on a constant currency basis, with organic growth of 2 per cent. Adjusted operating profits were up by 2 per cent to £584mn, despite a 20 basis point drop in the margin to 6.3 per cent.  The group’s new five-year targets include 3 to 5 per cent organic growth and operating margins of around 6 per cent management expects to generate and deploy £2.5bn free cash flow driving 10 per cent compound earnings per share (EPS) growth.  these targets are yet to be reflected in the company’s valuation of 8.5 times forward earnings Shares in Inchcape rose by 1.1 per cent to 688p Find out why we’re bullish on Inchcape another potential takeover in the property sector Blackstone and Sixth Street have made a play for Warehouse Reit (WHR) The proposal is the fourth such proposal and was rejected by the board on 28 February The offer represents a premium of 34 per cent at Warehouse Reit’s closing price of 82.4p on 28 February It is a discount of 13 per cent to Warehouse Reit’s last reported net tangible assets per share of 127.5p.  Blackstone took Industrials Reit private in 2022 before merging it with the St Modwen Logistics platform which it took private in 2021.  Shares in Warehouse Reit rose 15.5 per cent to 98p this morning Read more: The worst is over for Reits – but it still pays to pick wisely Team Internet’s (TIG) share price crashed by a third to 68.7p this morning after the Aim-traded advertising technology company said fund manager Verdane would not progress on its takeover offer.  Verdane was one of two firms that approached the group in early January Each proposal was for 125p a share in cash TowerBrook Capital Partners dropped out of the process just a few days later Team Internet said it had received “repeated approaches” for its domains contributed 52 per cent of the group’s net revenue in 2024 The group also said Google's decision to phase out AdSense for Domains (AFD) from March 2025 would impact its search division Adjusted Ebitda for the segment is expected to fall from $57mn in 2024 to between $20mn and $25mn this year.  Management expects group adjusted Ebitda of between $60mn (£44.8mn) and $68mn in 2025 before returning to double-digit earnings growth from 2026 onwards The company’s 2024 full-year results will be published on 24 March Supermarket Income Reit (SUPR) announced this morning that it was internalising management functions after reaching a £19.7mn agreement with its investment manager The deal will be funded by Supermarket Income Reit’s recent £63.4mn sale of a Tesco store in Newmarket The internalisation is expected to bring cost savings of at least £4mn per annum and bring the EPRA cost ratio target below 9 per cent Chief executives of SolGold (SOLG) have shelf lives more akin to Premier League managers than mining CEOs with the company now onto its third boss since late 2021.  who has run the Ecuadorian mine developer permanently since March 2023 will move to a non-executive director role and former banker Dan Vujcic is taking over.  He has served on the SolGold board since 2022 and the company highlighted that he was “instrumental in raising several billion dollars for the development of a large copper porphyry copper gold project” Alongside the director/chief executive swap the board will also appoint a new chair in the form of Paul Smith former Glencore (GLEN) director of strategy who was chair of Trident Royalties before its acquisition last year.  SolGold announced it had reached a settlement agreement with former boss Darryl Cuzzubbo who ran the company between December 2021 and November 2022 With record cash profits come record dividends Mexican silver and gold miner Fresnillo (FRES) will pay a 42¢-per-share (33p) special dividend for the 2024 financial year This compares with just 5.6¢ a share last year.  Fresnillo’s $1.6bn cash profit for the year was well ahead of previous highs of $1bn a decade ago This was driven by higher gold and silver prices while production and costs were flat with 2023’s numbers The miner reported production of 56.3mn ounces (oz) of silver and 631,000 oz of gold A weaker Mexican peso helped the profit levels as well The cash profit soared but its net income was subdued because of a writedown on the Silverstream agreement where Fresnillo is entitled to a share of production from a mine operated by another company This revaluation knocked $182mn off the bottom line after operational issues at the mine in 2024.  Fresnillo shares climbed 3 per cent on Tuesday Ashtead Group said today that a stock listing in the US “is in the best interests of the business and its stakeholders” It will seek shareholder approval with the goal of completing the US listing within 12 to 18 months It said it would retain a UK listing in the international companies segment As part of the move the group will rebrand as Sunbelt Rentals The move to a US listing has been widely anticipated Ashtead owns Sunbelt Rentals in the US and the UK but the US generates the vast majority of its revenues and 98% of its profits in the 2024 financial year Its executive management team is based in the US and it is “the core growth market for the business.” The company said a US listing would benefit it in the following ways: Ashtead said it would discuss the proposal with its shareholders over the coming weeks before putting forward a formal resolution for approval at a general meeting; “The Board expects that the necessary steps would be implemented over the next 12-18 months.” The move will mark a big change for the business which was founded as Ashtead Plant Hire near London in 1947 Ashtead Group PLC was created in 1984 to acquire the business which at that time was a five location company with revenues of around €1 million It listed on the London stock exchange in 1986 It has grown to become the second largest equipment rental business in the world - with United Rentals as the largest - with operations in the USA It also operates some specialist rental businesses in mainland Europe , opens new tab also missed in January analysts' estimates for fourth-quarter profit hit by inflationary costs.Reporting by Pushkala Aripaka in Bengaluru; Editing by Sherry Jacob-Phillips and Emelia Sithole-Matarise Our Standards: The Thomson Reuters Trust Principles., opens new tab , opens new tab Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. , opens new tabScreen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. © 2025 Reuters. All rights reserved Email: [email protected] Email: [email protected] Given previous speculation and the US-focused nature of Ashtead's (AHT) business it was no surprise that it announced plans to move its primary listing to New York within the next 12-18 months alongside its half-year results.  The North American market delivered 98 per cent of total operating profit in the latest year and the executive team is based over the pond while the loss is a further blow for the London exchange, Ashtead's conclusion that the US with its deeper capital markets is its "natural long-term listing venue" seemed inevitable.  No one knows a company quite as well as its directors, which is why it is worth keeping an eye on their buying and selling of shares.  We have combed through UK directors' deals and published the purchases and sales that caught our eye. Our table is compiled using company announcements and is not exhaustive. Find out which company shares are being bought by their own directors this week and keep an eye on those which are being sold.  Ashtead (AHT) investors have a lot to digest at the moment The equipment rental group’s shares tumbled by double-digits after it served up a guidance cut alongside its half-year results while management confirmed plans to shift the primary listing to New York.  Trading in the second quarter came in below consensus market forecasts For the six months to 31 October as a whole revenue nudged up 2 per cent and cash profits were up 4 per cent on a margin of 47.4 per cent.  The outlook statement contained more concerning news The annual rental revenue growth outlook was cut from 5-8 per cent to 3-5 per cent as a result of “local commercial construction market dynamics in the US” while lower capital expenditure is also expected The messaging is that higher interest rates have hurt.  including Goldman Sachs and RBC Capital Markets downgraded their forecasts in the wake of the results Karl Green at RBC cut his earnings per share forecasts for financial years 2025 and 2026 by 9-11 per cent and noted that investors are “confused” about why Ashtead’s “messaging has diverged so much from that of its key listed peers” The primary listing announcement was no surprise given Ashtead derives almost all of its operating profit from the US Ashtead will still be accessible on the London Stock Exchange as it plans to retain a listing on the international companies segment Management expects the process to complete within the next 12-18 months.  Perhaps in an attempt to display confidence in the group’s prospects given the share price dip chief executive Brendan Horgan bought £213,000-worth of shares on 11 December.  Ashtead trades on 16 times forward consensus earnings slightly below the 17 times at key US rival United Rentals (US:URI) Activist investor Nelson Peltz’s Trian Partners has upped its stake in UK pest control group Rentokil Initial (RTO) soon after the hedge fund's head of research Brian Baldwin took a seat on the board Shares in the FTSE 100 company jumped nearly 4 per cent after it disclosed that New York-based Trian had purchased 7.5mn shares for a total of £31mn The firm now owns 64.6mn shares in the company a 2.5 per cent stake according to FactSet.  US billionaire Peltz first appeared on Rentokil’s shareholder register in June Trian said it had “reached out to Rentokil to discuss ideas and initiatives to improve shareholder value” Baldwin joined the board as a non-executive director at the end of September This was just two weeks after the company issued a profit warning that sent shares down by a fifth and wiped more than £2bn from its market value.  Rentokil has been struggling with the integration of US rival Terminix which it acquired for $6.7bn (£5.2bn) in 2021 at a hefty premium The group has witnessed a slowdown in demand in North America which makes up more than half of total revenues.  management maintained its reduced 2024 guidance but said 2025 profits and margins would be hit by a two- to three-month delay in realising synergy benefits from the Terminix acquisition Rentokil is trading at an enterprise value of 11 times 2025 Ebitda compared to a rating of 28 times for US peer Rollins (US:ROL) Deutsche Bank analysts think management must prove it has “got to grips” with the issues impacting Terminix’s integration in the US and that it can close a revenue growth gap with Rollins Shell and BP have announced planned increases in oil and gas production disregarding previous fossil fuel reduction plans."},"children":[]}]},{"name":"paragraph","children":[{"name":"text","attributes":{"value":"In the short term a swift transition from fossil fuels to renewables appears less certain Having exposure to both might therefore be a smart way to retain exposure to energy markets an Aim-listed provider of subsea equipment for the offshore energy sector."},"children":[]}]},{"name":"paragraph","children":[{"name":"text","attributes":{"value":"Ashtead supports companies in the installation maintenance and decommissioning of subsea energy infrastructure across the world renting out equipment and solving problems for energy companies It has three service lines: survey and robotics Bytes"},"children":[]}]}]},"summary({\"maxCharCount\":145})":{"type":"json","json":[{"name":"paragraph","children":[{"name":"text","attributes":{"value":"Digitisation and artificial intelligence are set to sweep further across the public and private sectors in the UK Bytes Technology Group sells"},"children":[]}]}]},"summary({\"maxCharCount\":160})":{"type":"json","json":[{"name":"paragraph","children":[{"name":"text","attributes":{"value":"Digitisation and artificial intelligence are set to sweep further across the public and private sectors in the UK AI and"},"children":[]}]}]},"summary({\"maxCharCount\":175})":{"type":"json","json":[{"name":"paragraph","children":[{"name":"text","attributes":{"value":"Digitisation and artificial intelligence are set to sweep further across the public and private sectors in the UK AI and cybersecurity"},"children":[]}]}]},"summary({\"maxCharCount\":225})":{"type":"json","json":[{"name":"paragraph","children":[{"name":"text","attributes":{"value":"Digitisation and artificial intelligence are set to sweep further across the public and private sectors in the UK Those green shoots"},"children":[]}]}]},"summary({\"maxCharCount\":125})":{"type":"json","json":[{"name":"paragraph","children":[{"name":"text","attributes":{"value":"Private equity seemed to have turned a corner in 2024 Those green shoots of recovery"},"children":[]}]}]},"summary({\"maxCharCount\":145})":{"type":"json","json":[{"name":"paragraph","children":[{"name":"text","attributes":{"value":"Private equity seemed to have turned a corner in 2024 Those green shoots of recovery continued in private"},"children":[]}]}]},"summary({\"maxCharCount\":160})":{"type":"json","json":[{"name":"paragraph","children":[{"name":"text","attributes":{"value":"Private equity seemed to have turned a corner in 2024 Those green shoots of recovery continued in private markets at the start"},"children":[]}]}]},"summary({\"maxCharCount\":175})":{"type":"json","json":[{"name":"paragraph","children":[{"name":"text","attributes":{"value":"Private equity seemed to have turned a corner in 2024 Those green shoots of recovery continued in private markets at the start of the year"},"children":[]}]}]},"summary({\"maxCharCount\":225})":{"type":"json","json":[{"name":"paragraph","children":[{"name":"text","attributes":{"value":"Private equity seemed to have turned a corner in 2024 the Aim-listed provider of subsea equipment for the offshore energy sector is hedging its betsAlex JaniaudThursday April 24 2025 The TimesOil and gas companies are abandoning their retreat from fossil fuels disregarding previous fossil fuel reduction plans In the short term a swift transition from fossil fuels to renewables appears less certain an Aim-listed provider of subsea equipment for the offshore energy sector Ashtead supports companies in the installation • https://www.thetimes.com/article/north-sea-is-battleground-for-labour-v-reform-d5rnh3x97 North Sea oil and gas taxes ‘threaten jobs and energy transition’ UK-headquartered subsea equipment rental and solutions provider Ashtead Technology has signed an agreement with Acteon Group to acquire Seatronics and J2 Subsea for £63 million (approximately $81.6 million) expanding its subsea survey and robotics rental portfolio by 30%.  The acquisition expands Ashtead’s global presence across Singapore adding 7,000 proprietary assets and a workforce of 110 skilled employees specialists in subsea electronics and ROV tooling services support offshore energy projects in installation The acquisition is said to reinforce Ashtead’s presence in renewable energy as well as oil and gas sectors “Seatronics and J2 are businesses we have known for a long time With our most recent acquisitions focussing on expanding our mechanical services capability this latest acquisition strengthens our international footprint and capability within our Survey & Robotics market,” said Allan Pirie “We look forward to welcoming new colleagues to Ashtead Technology and increasing the wealth of in-house expertise as a larger Group creating a world leading subsea survey and robotics team.” this transaction will be the next important step in focusing our service portfolio to achieve Acteon’s long-term strategic goals Seatronics and J2 have been an integral part of our business for many years and I’m very pleased to see both teams moving together to such a dynamic new home at Ashtead Technology Acteon is committed to optimising our portfolio to better serve our customers and stakeholders as we support the evolving offshore energy market.” According to Ashtead, the acquisition is the company’s ninth one in seven years, furthering its role in delivering subsea technology and services across the global offshore energy sector.In November 2023, Ashtead Technology acquired the entire share capital of Rathmay Limited from its founders Alfie and Valerie Cheyne for a total cash consideration of £53.5 million on a cash and debt-free basis Daily news and in-depth stories in your inbox The Pioneers of Offshore Engineering GustoMSC part of NOV’s Marine and Construction business is recognized for providing advanced design & engineering consultancy for mobile offshore units and reliable equipment and technical knowledge into realistic & innovative ideas The performance of new and existing jack-ups The CEO of equipment rental firm Ashtead (AHT) has bought 4,000 shares at £53.20 for a total value of £212,800 on 12 December Horgan’s move comes after the company announced it was planning to move its primary listing to the US over the next 12-18 months Shares fell as the unveiling of the US listing plan was accompanied by a profit warning The US move came as no surprise given the company does most of its business across the Atlantic. Ashtead joins a list of UK companies moving their primary listing to New York including gaming and betting firm Flutter Entertainment (FLTR) Andrew Long, COO (chief operating officer) at global concierge platform Ten Lifestyle Group (TENG:AIM) has sold 600,000 ordinary shares at 45p for a total value if £270,000 on 10 December Long has an interest in the company of 2.5 million ordinary shares representing 3% of the total voting rights of the company The company said in a statement that the sale was ‘a one-time transaction to provide personal liquidity to meet a specific requirement.’ Long has said he will not sell additional shares for the foreseeable future James Dow, CEO of financial advisory firm DSW Capital (DSW:AIM) has bought 508,700 shares at 67p for a total value of £338,286 on 11 December Dow’s total beneficial interest in the company comprises 4,140,827 ordinary shares representing 16.5% of the issued share capital of the company The firm recently announced a positive set of half year results with an adjusted pre-tax profit of £200,000 The balance sheet remains strong the firm said with net assets of £7.5 million Over the past year DSW’s shares have gained 35% Email: [email protected] Email: [email protected] Ashtead Group PLC (LSE:AHT) has proposed switching its primary listing from the UK to the US “The board has concluded that the US market is the natural long-term listing venue for the group and that moving to a US primary listing is in the best interests of the business and its stakeholders,” the industrial equipment rental firm said on Tuesday FTSE 100-listed Ashtead added it was “substantially a US business” with the majority of profits coming from across the Atlantic and its headquarters already there Potential benefits would include “enhanced overall liquidity in the group's shares given access to deeper US capital markets,” Ashtead noted which said the move was subject to shareholder approval would follow other former FTSE 100 constituents in seeking out better fortunes across the Atlantic Both Paddy Power owner Flutter Entertainment PLC (LSE:FLTR) and CRH PLC (LSE:CRH, NYSE:CRH) previously switched their primary listings adding to woes for London as a string of others have left for elsewhere or been taken over Ashtead separately reported a 2% increase in revenue to US$5.7 billion and 1% drop in operating profit to US$1.5 billion for the first half of the year 0%View factsheetSign up for email updatesPrices delayed by at least 15 minutesAshtead reported revenue of $8.3bn over the first nine months Revenue dropped 3% in the third quarter to $2.6bn Lower used equipment sales and higher costs meant underlying operating profit fell 3% to $2.0bn for the nine months Free cash flow of $858mn was an improvement on the $463mn outflow seen the prior year with net debt improving from $11.2bn to $10.6bn expecting 3-5% growth in rental revenue for the year and free cash flow of $1.4bn but the fact recently downgraded guidance has been kept unchanged will provide some relief and there’s still scope to snap up smaller players in the space growth investment has been dialled back as the focus shifts from expansion to cash retention the net result being an improvement in the balance sheet which looks in decent shape All ratios are sourced from LSEG Datastream SearchLog inAccounts & servicesISAs Transfer a pensionTrading Accounts Joint Trading AccountCompany AccountTransfer a Trading AccountOther services Join us and over 430,000 others already investing for a brighter financial future. sans-serif);font-weight:var(--chakra-fontWeights-normal);line-height:23px;}@media screen and (min-width: 0px){.css-1bi0btv{font-size:1rem;}}@media screen and (min-width: 992px){.css-1bi0btv{font-size:calc(1rem + 2px);}}Trading under the Sunbelt brand and with its shares having more than doubled over the last five years “We launched our Sunbelt 4.0 strategic growth plan in April and the business is focused on executing against our five actionable components: Customer “The investments in and expansion of the business over Sunbelt 3.0 and into Sunbelt 4.0 are enabling us to take advantage of the diverse opportunities that we see while maintaining discipline and balance sheet strength that affords us considerable flexibility and optionality with the operational flexibility and financial capacity to capitalise on the ongoing structural growth opportunities we see for the business and enhance returns to shareholders as we follow our Sunbelt 4.0 plan and the Board looks to the future with confidence.” and lowered full-year profit guidance given weak local construction activity shareholders will be asked to vote on a change in Ashtead’s main market listing with a potential move to North America aligning it with 98% of operating profit made over the last financial year The City now expects annual profit of around $2.1 billion Shares in the FTSE 100 company fell 12% in UK trading having come into this latest news up 15% year-to-date. That’s ahead of a 7% gain for the FTSE 100 index in 2024. Smaller hire firm Speedy Hire (LSE:SDY) is down 4% year-to-date.  Ashtead rents out a full range of construction, industrial, lighting and emergency power generating equipment via the Sunbelt brand in the US, Canada and UK. Despite demand for equipment to aid mega projects such as renewing roads and hurricane recovery, weak local construction activity amid high interest rates now sees management reduce US revenue growth forecasts for 2025.   As such, it now expects group-wide full-year revenue growth of between 3% and 5%, down from a previous 5% to 8%.  Lower activity levels will reduce full-year capital expenditure on items such as new branch outlets to $2.5-2.7 billion versus $3-3.3 billion previously. Reduced annual expenditure boosts expected annual free cashflow to $1.4 billion, up from a $1.2 billion and underpinning a new share buyback of up to $1.5 billion over the next 18 months. A rebalancing of the dividend between interim and final results sees a half-year payout of 36 US cents per share, up from 15.75 cents a year ago.  A proposed move to a primary US stock market listing would still see its UK stock market listing retained in the International Companies area.  Broker Morgan Stanley reiterated its ‘overweight’ stance on the shares, flagging a target price of £70 per share.  Started in Ashtead, Surrey, the group today rents out more than 1 million items of equipment to over 900,000 different customers. Its equipment to hire includes aerial platforms, air compressors, heaters, lighting, water pumps and crowd control barriers. The USA operates most of its rental stores at over 1,215, with UK branches of around 190 and Canada approximately 135.  To the upside, US mega projects and disaster recovery continue to support demand. Further cuts in US interest rates are expected, potentially helping to revive local construction spending. Bolt-on acquisitions remain ongoing with 26 made worth $905 million over its last financial year, while the dividend payment has been increased for more than 15 consecutive years, leaving the shares on a forecast dividend yield of around 1.4%.  In all, weak local construction activity clearly warrants some caution. That said, Ashtead’s track record for growth over the long term should not be overlooked, with this well managed company likely to remain an interesting long-term investment.    The average rating of stock market analysts: Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article. .css-3vll99{font-family:var(--font-poppins, Poppins, Segoe UI, Helvetica Neue, Arial, sans-serif);font-weight:var(--chakra-fontWeights-bold);font-size:var(--chakra-fontSizes-font-m);line-height:20px;}Related Categories Get more news and expert articles direct to your inbox TrustpilotTrustpilotInvestment accounts © 2018 - 2025 Interactive Investor Services Limited Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority US trade tariffs continue to rock global markets Our writer considers how a new 10% tariff might affect certain UK shares The value of your investments can go down as well as up and you may get back less than you put in The content of this article is provided for information purposes only and is not intended to be Investments in a currency other than sterling are exposed to currency exchange risk Currency exchange rates are constantly changing which may affect the value of the investment in sterling terms You could lose money in sterling even if the stock price rises in the currency of origin Stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More This week’s announcement of 10% trade tariffs on UK goods to the US has sent shockwaves through British markets several UK shares could feel the impact — particularly those with significant exposure to the American market Although many UK businesses deal with the US, three in particular stand out due to their high sales in the region. These companies that appear to be most exposed are Ashtead Group (LSE: AHT), Compass Group (LSE: CPG), and Experian (LSE: EXPN) Let’s see how the new tariffs could affect the performance of these stocks going forward Ashtead Group is a British equipment rental company that has achieved tremendous success in America It now generates 92% of its sales through its US-based Sunbelt Rentals division If tariffs are extended to machinery or parts sourced from the UK the company may encounter higher costs that could squeeze margins The stock is already down 11% since tariffs were announced, almost double the 5.7% drop of the FTSE 100 it’s now at its lowest level in almost three years The company has already planned to move its primary listing to the US and may now choose to fully relocate there such a move could be highly beneficial for the company but I think it’s wise to hold off until there’s more clarity Compass Group operates extensively across schools The extensive number of contracts it holds in the US accounts for 68% of its sales While much of the firm’s US sourcing is domestic any UK-supplied speciality goods or services could be impacted raising concerns about cost management and potential contract renegotiations The shares suffered only a minor 2.5% drop when the tariffs were announced They remain up 134% over the past five years I don’t think Compass will be badly affected However, it already has a high price-to-earnings (P/E) ratio of 41.3 I’ll consider the stock only if earnings increase considerably in the next results Experian is one of the world’s largest consumer credit reporting firms deriving 66% of its income from North America most of its services are digital and data-based meaning direct exposure to tariffs is limited any deterioration in UK/US relations could have indirect effects on regulation The shares are down 8.3% since the announcement I don’t expect Experian to be hard hit by the tariffs The biggest risk may be competition from US-based rivals like Equifax and TransUnion UK-based firms that use these rivals may choose to switch to Experian as a result of the tariffs with analysts expecting a 30% price increase in the coming 12 months I like its prospects and think it’s still worth considering the value of your investment may rise or fall and your capital is at risk your individual circumstances should be assessed Consider taking independent financial advice Scottish Mortgage shares are on sale in May following recent price weakness Is the FTSE 100 growth stock now too… Tesco shares are popular with investors seeking to make a stable second income Watches of Switzerland shares have tanked 37% in the year to date And I think the FTSE 250 business could… This FTSE 250 super-stock has turned £1,000 into £6,151 in just five years Our writer takes a closer look at a FTSE 250 stock that’s comfortably outperformed all others on the index over… This pharma giant was expected to deliver for investors after its split with Haleon a 6.5% 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Fool Ltd is an appointed representative of Richdale Brokers & Financial Services Ltd who are authorised and regulated by the Financial Conduct Authority (FCA) (FRN: 422737) opinion and commentary about consumer credit products savings and investment products and services and the Fool logo are registered trademarks of The Motley Fool Holdings Inc Quick wits saved a man’s life last month when a crane boom came down onto him in Nanjing UK rental company Clear View has ordered three Ruthmann truck mounted platforms US crane rental company Crane Service Inc has ordered another Liebherr LG 1800-1.0 wheeled lattice crane Haulotte has appointed Guillaume Van Hoeck as managing director Europe Czech crane rental company AG Transport has ordered an 800t LR 1800-1.0 lattice crawler German sales and rental company Kunze has added Elma cranes to its portfolio By ALEX BRUMMER FOR THE DAILY MAIL There is no disguising the fact that the loss of the primary listing of Ashtead to New York will be a big blow has quietly achieved a handsome valuation of £24billion by establishing a record of expansion Since Ashtead acquired Sunbelt Rentals in 1990 it has looked across the Atlantic for growth and this year projects 98 per cent of its operating profits will come from there its desertion for America is a bad precedent Ashtead may seem an exception in that so much of its profits come from across the Atlantic But there are many other companies quoted in London – notably big natural resources groups such as Rio Tinto Anglo American and Glencore – which could say the same The hire group argues that a Wall Street listing will provide increased exposure to US investors and improve the liquidity of its shares has quietly achieved a handsome valuation of £24bn by establishing a record of expansion British taxpayers get a generous tax subsidy for putting cash into pensions UK retirement savings at £1.12 trillion are the third largest in the world fund managers too often choose the S&P 500 over FTSE 350 If Chancellor Rachel Reeves could bulldoze through promised reforms it would be simpler to direct Britain’s savings towards growth companies and infrastructure Ashtead’s press release omits an important factor behind its move The US offers senior executives the possibility of rewards beyond the dreams of avarice more positive approach to wealth and pay than Britain Attitudes in the UK towards enterprise are not helped when the Government yacks on endlessly about working people That doesn’t mean it is all over for UK plc The expected arrival of creative group Canal+ to London is an important gain for the creative sector The long list of Golden Globe nominees is testimony to strength in depth are not valued as they should be given the nation’s production strength such as Singapore-based fast-fashion group Shein the pipeline would include De Beers and Unilever’s ice cream division Britain also should be fighting to keep online banking group Revolut in London Landing the biggest fish and keeping Shell and Rio anchored here will only happen if our pensions managers embrace the domestic market They need to commit to tripling or quadrupling the allocation of funds to great British equities Any rescue for Thames Water should be rooted in the private sector Chief executive Chris Weston is wrong to suggest that the break-up suggested by would-be bidders Covalis Capital and Suez Hiving off businesses demonstrably has improved the performance of publicly quoted companies such as pharma group GSK with its terrible sewage record and a £16billion debt mountain Separating upstream Thames Valley customers from London would make the scale of the problems more manageable A substantial price increase will be required if the necessary investment in better pipes runaways and combating pollution can take place But consumers should never be asked to pay for financial engineering ever bigger rewards for sub-octane executives and distributions to investors in far-off tax havens Sharon White has kept her peace since stepping down as chairman of John Lewis The former senior civil servant and regulator struck a note of disappointment over Labour’s gloomy tone when she appeared before City grandees and publishers at the FT’s Business Book of the Year ceremony at the spectacular Peninsula Hotel in the heart of London The venue is a tribute to international investment in the UK White demanded optimism and urged action on Oxford-Cambridge links a more professional approach to competition and reform of post-privatisation regulators The work of AI pioneers chronicled in the winning book Supremacy: AI Chat GPT And The Race That Will Change The World by Parmy Olson will have a big role to play Affiliate links: If you take out a product This is Money may earn a commission These deals are chosen by our editorial team This does not affect our editorial independence The comments below have not been moderated We are no longer accepting comments on this article This is Money is part of the Daily Mail, Mail on Sunday & Metro media group Ashtead Technology Holdings PLC (AIM:AT.) said it put in a strong performance in 2024 despite the uncertainties surrounding offshore oil and gas exploration Profits will come in ahead of market forecasts as demand for subsea rental and services picked up towards the end of the year New US President Donald Trump has already lifted restrictions on offshore US exploration following his “Drill drill” pre-election promise and Ashtead said the outlook for 2025 was encouraging ongoing market demand and record customer backlogs provide confidence that growth will continue through 2025 in line with previous guidance,” said the statement Unaudited full-year revenues for 2024 are projected to be around £168 million with full-year underlying profit [adjusted EBITA] also to beat consensus of £46.6 million chief executive added: “The integration of Seatronics and J2 Subsea is progressing well and provides further positive momentum for growth “With one of the largest and most technologically advanced rental fleets in the industry and a continued focus on operational excellence we remain confident in the group's ability to generate substantial long-term value for shareholders." Ashtead Group’s North American business reported flat growth in the three months to 31 January ending a long series of high-growth year-on-year quarterly results for the business Sunbelt Rentals in the US saw revenues fall by 3.5% to US$2202.3 million with rental revenues up 1% at $2060.4 million Its Canadian business reported revenues down by 7% to $158.1 million while Sunbelt Rentals UK reported flat sales of $207.5 million for the quarter which is planning to switch its stock market listing from London to New York saw group profits after tax of $309.7 million said North American mega projects and hurricane response activity had more than offset a decline in commercial construction markets which were being impacted by higher interest rates underlying demand continues to be strong and we expect this segment to recover as interest rates stabilise” who added; “We are in a position of strength with the operational flexibility and financial capacity to take advantage of the ongoing structural growth opportunities we see for the business and enhance returns to shareholders as we follow our Sunbelt 4.0 plan “We expect full year results in line with our previous expectations and the Board looks to the future with confidence.” UK-headquartered subsea equipment rental and solutions provider Ashtead Technology has completed its £63 million (approximately $81.6 million) acquisition of Seatronics and J2 Subsea expanding its subsea survey and robotics capabilities portfolio the deal bolsters the company’s rental fleet by approximately 30% and brings over 100 specialist technical employees into its workforce.  will further extend the company’s global reach and enhance its relationships with international clients in key offshore markets “We are delighted to complete the acquisition of Seatronics and J2 Subsea the ninth we have completed in the last seven years continues a remarkable journey of growth for the business Bringing Seatronics and J2 Subsea into the group will allow us to provide a broader range of technology solutions to our global client base,” said Allan Pirie Chief Executive Officer of Ashtead Technology we are proud to be building one of the world’s leading subsea technology businesses.” the UK-headquartered subsea solutions provider signed an agreement with Acteon Group to acquire Seatronics and J2 Subsea In November 2023, Ashtead Technology acquired the entire share capital of Rathmay Limited Stock prices in Europe opened in the red on Tuesday as the FTSE 100 faded amid a softer start for miners Mining firms climbed on Monday amid hopes of a China economic bounce back next year Glencore fell 2.1% and Antofagasta lost 2.0% The FTSE 100 index traded down 38.21 points and the AIM All-Share was down 1.51 points the Cboe UK 250 was down 0.5% at 18,453.42 and the Cboe Small Companies was flat at 16,325.70 from $1.2785 at the time of the London equities close on Monday the dollar rose to JP¥151.61 from JP¥151.19 The industrial equipment supplier cut its annual outlook and plotted a move to a New York primary listing It now guides for group rental revenue growth of 3% to 5% for the full-year Rental revenue in the half-year to October 31 rose 6% Ashtead believes ‘the US market is the natural long term listing venue’ Shifting its primary listing to the US from London ‘is in the best interests of the business and its stakeholders’ ‘Today Ashtead is substantially a US business with almost all the group’s operating profit (98% in FY24) derived from North America which is also the core growth market for the business The group’s executive management team and operational headquarters are based in the US and the vast majority of the group’s employees reside in North America,’ Ashtead said It reported a swing to a half-year loss amid tough trading conditions in its Experiences arm The greeting cards seller and gifting firm backed annual guidance Moonpig’s pretax loss in the six months to October 31 amounted to £33.3 million swinging from profit of £18.9 million a year prior Revenue rose 3.8% on-year to £158.0 million from £152.1 million Moonpig booked an impairment of goodwill worth £56.7 million as it now predicts ‘a longer timeline for fully realising the revenue growth potential of Experiences’ ‘Moonpig Group current trading remains in line with our expectations Growth has been underpinned by consistent strong sales and orders at Moonpig and is supported by steady progression at Greetz trading remains challenging at Experiences and we remain focused on delivering our transformation plan our expectations for full year revenue remain unchanged,’ Moonpig said ‘Our business is well positioned to deliver sustained growth in revenue driven by our continued focus on data and technology we continue to target double digit percentage annual revenue growth.’ Moonpig announced a maiden interim dividend of 1.0 pence per share It has withdrawn its production guidance for Mozal Aluminium due to civil unrest in Mozambique The Perth-based mining group indicated it has implemented contingency plans to mitigate operational impacts adding it is working with relevant stakeholders Mozambique has been rocked by unrest since an October 9 presidential election The opposition claims the election was rigged South32 said that due to escalating civil unrest in Mozambique the transport of raw materials to Mozal Aluminium is being impacted by road blockages The environmental and specialist filtration technology company expects revenue growth of around 9% for the year ended November 30 with ‘adjusted earnings per share marginally ahead of market expectations’ A barrel of Brent fell to $71.99 early Tuesday from $72.43 at the time of the London equities close on Monday Chinese President Xi Jinping warned Tuesday that a trade war with the US would result in ‘no winners’ ahead of next month’s inauguration of president-elect Donald Trump The former US president unleashed a gruelling trade war with China during his first term in office lambasting alleged intellectual property theft and other ‘unfair’ practices He has pledged to impose even higher tariffs on China after taking office next month just as Beijing is grappling with a shaky post-pandemic economic recovery and technology wars go against historical trends and economic rules and there will be no winners,’ Xi said of China-US relations while meeting several heads of multilateral financial institutions in Beijing ‘China is willing to maintain dialogue with the US government manage differences and promote the development of China-US relations in a stable healthy and sustainable direction,’ said Xi Beijing is targeting annual growth this year of around 5% high unemployment and a prolonged crisis in the vast property sector Xi also said during Tuesday’s meeting that China had ‘full confidence’ of achieving its 2024 growth goal Chinese exports rose in November at a slower rate than expected while imports shrunk further reinforcing the need for more support a day after top officials pledged to bolster the stuttering growth Overseas shipments have this year represented a rare bright spot in the Chinese economy with domestic spending mired in a slump and persistent woes in the property sector spooking investors observers pointed out that the recent spike in exports could be down to companies ramping up stockpiles amid fears of another China-US trade war when Donald Trump takes the White House next month Exports jumped 6.7% on-year to $312.3 billion last month China’s General Administration of Customs said The Reserve Bank of Australia left interest rates unchanged on Tuesday but said economic activity was ‘softer than expected in November’ Australia’s central bank left the cash rate target unchanged at 4.35% and the interest rate paid on exchange settlement balances at 4.25% The RBA said it is ‘gaining some confidence’ that inflation pressure is abating the Dow Jones Industrial Average fell 0.5% while both the S&P 500 and the Nasdaq Composite lost 0.6% SPI Asset Management analyst Stephen Innes commented: ‘As we edge closer to Wednesday’s CPI data release the air is still thick with anticipation of a potential quarter-point rate cut on December 18 especially after Friday’s job report showed subtle signs of labour market cooling beneath the surface number ‘As caution sweeps across the trading floors investors meticulously trim positions in stocks and bonds bracing for the pivotal economic updates ahead reflecting a strategic response to potential shifts emerging from the impending inflation report that could impact future Federal Reserve decisions.’ Business | Business News Sign up for our email featuring expert insight and funding opportunities for entrepreneurs and SMEs I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice Global stocks were mixed on Tuesday, while the UK’s FTSE 100 was dragged lower amid a sell-off for Ashtead shares after it revealed plans to ditch its main London listing Equipment rental firm Ashtead dropped to the bottom of the index with its share price down more than 12% as investors reacted to plans to shift its primary listing to the US The company said Wall Street was the natural fit for its listing given that almost all of its earnings are made in North America and the majority of workers are based in the US It aims to move over in the next 12 to 18 months but keep a UK listing in the international companies segment it was a weaker session for France’s top stock market index Germany’s Dax struggled to keep its head above the water and closed 0.08% lower it was a tentative start to trading for its top indices with the S&P 500 and Dow Jones more or less flat by the time European markets closed Financial markets are awaiting the latest US inflation data on Wednesday which could guide the Federal Reserve’s decision on interest rates the following week The pound was up about 0.05% against the US dollar The price of Brent crude oil moved about 0.7% higher to 72.70 US dollars per barrel shares in Moonpig tumbled after the greeting cards retailer reported a pre-tax loss for the first half of its financial year The online business said sales of its more expensive experience gifts dropped by a fifth year-on-year, with tougher economic conditions continuing to squeeze discretionary spending. Shares closed 14.6% lower FirstGroup shares were given a boost as the company revealed it had re-entered the London bus market through the acquisition of one of the capital’s largest operators Love Island star moves into Airbnb after sinkhole forms outside rented home Fact check: Trafalgar Square Christmas tree appears similar to previous years Barrister who criticised judge for ‘boys’ club’ mentality appears at tribunal From snacking to scrolling: bad sleep habits keeping you awake The transport company said it had agreed to buy RATP London in a deal worth £90 million FirstGroup said the takeover would grow its earnings in the medium-term and help it continue to grow across the UK The biggest risers on the FTSE 100 were British Land The biggest fallers on the FTSE 100 were Ashtead Prince Louis steals the show at VE Day parade as he keeps dad William looking sharp and mimics brother George Prince Louis steals show with sweet antics at VE parade VE Day 2025 fashion: best looks from the day VE Day 2025 fashion: Princess of Wales to Lady Victoria Starmer Ukraine 'launches stunning Kursk offensive' in major blow for Putin ahead of Victory Day celebrations Ukraine 'launches stunning Kursk offensive' in blow for Putin Rihanna shows off baby bump at star-studded Met Gala 2025 as singer's third pregnancy with A$AP Rocky announced Rihanna debuts baby bump on star-studded Met Gala blue carpet Stacey Solomon 'regrets doing reality show with Joe Swash' for tough reason Stacey Solomon 'regrets reality show with Joe Swash' for tough reason By JANE DENTON Equipment rental firm Ashtead is set to become the latest British business to shun the London Stock Exchange with plans to switch its primary listing to New York which makes 98 per cent of its operating profits and 86 per cent of its revenues in the US said it would discuss the proposal with shareholders and expects the plan to be implemented in the next 12 to 18 months The proposal would see the group retain a secondary London listing in the international companies arm Ashtead joins a growing list of companies that are moving away from European listings in favour of US markets a deeper pool of investors and better market liquidity Companies listed on US exchanges also typically have lesser reporting requirements than peers with a primary listing in London Businesses that have switched to New York include gambling giant Flutter building materials supplier CRH and plumbing group Ferguson Ashtead said: 'Today Ashtead is substantially a US business with almost all the Group's operating profit.. which is also the core growth market for the business.'  Shift: Ashtead is proposing to move its primary listing to New York from London Ashtead has been listed in London since December 1986 and made inroads into the US with the acquisition of Sunbelt Rentals in 1990 it made several deals in the US to become one of the biggest equipment rental firms there said: 'The decision to propose a primary US listing while retaining a UK listing in the International Companies segment highlights its strategic alignment with its largest growth market 'This move adds complexity to its transitional phase while also delivering a fresh blow to London.' The announcement came as Ashtead also warned of lower annual profit amid a weak commercial construction market in the US The company said adjusted pre-tax profit fell 2 per cent to $682million (£535million) for the three months ended 31 October hurt by higher depreciation costs and lower used-equipment sales amid weakness in commercial construction market in North America Its half-year pre-tax profit fell 4 per cent to $1.26billion slightly below a company-forecasts of around $1.29billion Ashtead shares fell 7.68 per cent or 481.59p to 5,790.41p on Tuesday which trades under the brand name Sunbelt Rentals also said it would start a share buyback programme of up to $1.5billion over the next 18 months said: 'Principally as a result of local commercial construction market dynamics in the US we now guide to Group rental revenue growth for the full year in the range of 3 to 5 per cent and hence full year profit lower than our previous expectations with the operational flexibility and financial capacity to capitalise on the ongoing structural growth opportunities we see for the business and enhance returns to shareholders as we follow our Sunbelt 4.0 plan and the Board looks to the future with confidence.'  which rents out equipment in the construction entertainment and emergency response segments is the second-largest equipment rental company in the US with 1,215 stores in all 50 states The region accounts for 86 per cent share of its revenue said: 'The construction market has seen weakness driven by the higher interest rate environment lasting longer 'This has in turn hurt used equipment sales and higher depreciation costs have hit Ashtead’s numbers.' By posting your comment you agree to our house rules Do you want to automatically post your MailOnline comments to your Facebook Timeline Your comment will be posted to MailOnline as usual We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline To do this we will link your MailOnline account with your Facebook account We’ll ask you to confirm this for your first post to Facebook You can choose on each post whether you would like it to be posted to Facebook. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy MORE HEADLINES Email: [email protected] Email: [email protected] Michael Behr Aberdeen’s Ashtead Technology saw revenue growth of 52% for 2024 driven largely by the company’s mergers and acquisitions strategy According to the subsea equipment provider’s full-year results for 2024 the company brought in £168 million of revenue in 2024 Inorganic revenue contributed roughly 39% of the 52% increase the company saw profit before tax of £36.1m Ashtead Technology has been pursuing an M&A strategy for several years acquiring WeSubsea and Hiretech in late 2022 and ACE Winches in November 2023 The group brought its total number of acquisitions up to nine in 2024 when it purchased both Seatronics and J2 Subsea in November These marked its largest deal to date and expanded its equipment fleet and the scale to its international operations Ashtead CEO Allan Pirie said that the group’s 2024 performance exceeded their financial and strategic objectives stronger and more capable of delivering value to our customers This is underpinned by the breadth of our offering and the flexibility of our international operating model “The integration of Seatronics and J2 Subsea is at an advanced stage and the quality of what we have acquired has already exceeded our expectations “Reflecting on the strong financial performance in 2024 the record backlogs being reported by our customers and the strong growth fundamentals in our core markets we are confident in our ongoing positive momentum With opportunities for both continued organic growth and disciplined M&A activity we believe that we can deliver further value creation for our shareholders moving forward.” Ashtead Technology added that its board is encouraged by the group’s performance in the first quarter of 2025 and that its full year 2025 expectations remain unchanged The board also said that is assessing a potential move from the Alternative Investment Market to the main market following consultation with the company’s advisors and largest shareholders Aberdeen’s Ashtead Technology sees ample opportunities to drive its campaign of mergers and acquisitions (M&A) in the near future Ashtead chief strategy and marketing officer Colin Ross said: “If you look at the wider market we see no shortage of opportunities to continue to explore M&A in the year ahead.” Ashtead Technology has been on the acquisition trail since 2017 adding nine companies in the past seven years It acquired WeSubsea and Hiretech in late 2022, ACE Winches in November 2023, and Seatronics and J2 Subsea in November 2024 These acquisitions “have been tremendously important for our business to bring in talent to broaden our offering and really build a stronger business with more capability to serve our customers in a really effective way,” Ross said Back in 2024, after announcing the company’s full-year results for 2023, CEO Allan Pirie said that he saw an opportunity to grow the company by “consolidating a fragmented market” A year on and the Scottish energy services sector has seen two major movements in the M&A space in a matter of weeks US fund manager Apollo snapped up Aberdeen-based offshore energy services group OEG Group in a deal that valued the firm at more than $1 billion (£770m) It will take an unspecified majority stake in the group the future of services group Wood was thrown into doubt as Dubai-based Sidara revived its takeover bid for the company Sidara abandoned its previous attempts to buy the company in August after offering 230p per share Since then, Wood’s share price has fallen considerably, with the company extending the deadline for Sidara to make a final offer for the Aberdeen-based services company. However, these have not materially changed the landscape for Ashtead, which still sees fragmentation in the market. “There’s a strong pipeline with lots of opportunities coming across our desk,” Ross said. “It’s a strong market with plenty of opportunity to consider. “Specifically, if you look at the mechanical solutions business that we have, there’s still lots of small companies doing niche activity. What we’re trying to do is build a one-stop shop for our customers that allows us to really have a broad range of offerings.” “In terms of the asset integrity business, that’s somewhere where we can grow and scale. This is by far the smallest part of the business, but we see that as an area where we could grow, and inorganic growth is one of the ways we could do that. “We very much believe that there’s a great opportunity for us to continue to grow and create something special – perhaps something that’s unique in a Scottish environment at the moment.” © Latest Posts 2025. All Rights Reserved. Notifications can be managed in browser preferences. I would like to be emailed about offers, events and updates from The Independent. Read our Privacy notice Equipment rental firm Ashtead has revealed plans to switch its main UK listing to the US in yet another blow to the London stock market The FTSE 100 Index firm said the US market is the “natural long-term listing venue” for the group, given that almost all of its earnings (98%) are now made in North America and the majority of its workers and operational headquarters are also in the US It aims to shift its primary listing to Wall Street over the next 12 to 18 months Ashtead said it will discuss the plans with investors in the coming weeks before putting them to its wider shareholder base for approval at a general meeting “in due course” Details of the listing plan came as the company also warned that annual profits will be lower than expected due to “local commercial construction market dynamics in the US” which is set to affect rental sales growth The listing change will add further pressure to the embattled London market, with a raft of other firms, including travel company Tui and Paddy Power owner Flutter shifting their main listings overseas in recent years The board has concluded that the US market is the natural long-term listing venue for the group and that moving to a US primary listing while retaining a UK listing in the international companies segment is in the best interests of the business and its stakeholders A number of blue chip firms have also recently been bought by foreign rivals which is being taken over by US firm International Paper Last week, FTSE 100 mining giant Rio Tinto was under pressure from activist investor Palliser Capital, which has demanded the metals and minerals firm scraps its primary London listing and focus on Australia. Ashtead said: “The board has concluded that the US market is the natural long-term listing venue for the group and that moving to a US primary listing, while retaining a UK listing in the international companies segment, is in the best interests of the business and its stakeholders.” It added: “Today Ashtead is substantially a US business, reporting in US dollars, with almost all the group’s operating profit (98% in 2023-24) derived from North America, which is also the core growth market for the business. “The group’s executive management team and operational headquarters are based in the US and the vast majority of the group’s employees reside in North America.” The firm reported a 4% fall in half-year pre-tax profits to 1.2 billion US dollars (£942 million) and said it now expects rental revenues for the full-year of between 3% and 5% against previous guidance for 4% to 7%, which will leave profits lower than expected. It said: “Local construction markets have been affected by the prolonged higher interest rate environment. “However, underlying demand continues to be strong and we expect this segment to recover as interest rates stabilise.” Ashtead Technology has completed a £63million deal to acquire Seatronics and its sister company J2 Subsea from Acteon Group The deal - which was announced to markets at 7am this morning - will see £10million invested in the rental fleets of Seatronics and J2 over the next 12 months The deal is Ashtead Technology's ninth acquisition in seven years and bring an additional 100 people into the Westhill-based organisation Seatronics and J2 Subsea bring over £50million of turnover to Ashtead and decommissioning of subsea oil and gas and renewable energy infrastructure chief executive officer of Ashtead Technology said: "Seatronics and J2 are businesses we have known for a long time With our most recent acquisitions focusing on expanding our mechanical services capability this latest acquisition strengthens our international footprint and capability within our traditional survey and robotics business "The transaction continues to reinforce our strategy of expanding our internationally mobile and fungible fleet of equipment and deepening customer relationships across both our oil and gas and renewables markets "We look forward to welcoming new colleagues to the Ashtead Technology team and increasing the wealth of in-house expertise as a larger group" added: "I wish the teams at Seatronics and J2 success with Ashtead Technology and I thank them for their dedication over the years and especially during recent months Acteon is committed to optimising our portfolio to better serve our customers and stakeholders as we support the dynamic offshore energy market." was down 14-points at 8,303 shortly after opening this morning Being a member of Aberdeen & Grampian Chamber of Commerce can bring significant value to your business London’s blue chips headed into late trading on the back foot after plans to switch its primary listing from London to the US were overshadowed by lowered full-year sales guidance in interims having reversed on Monday’s gains as data showing a drop in Chinese exports and imports last month reignited fears around the world’s second-largest economy Glencore PLC (LSE:GLEN) and Antofagasta PLC (LSE:ANTO) Vistry Group PLC (LSE:VTY), Aviva PLC (LSE:AV.), Rolls-Royce Holdings PLC (LSE:RR.) and Legal & General Group PLC (LSE:LGEN) were also among Tuesday’s fallers Retailers headed up Tuesday’s gainers in the meantime, led by B&M European Value Retail SA (LSE:BME) Tesco PLC (LSE:TSCO) and J Sainsbury PLC (LSE:SBRY) also climbed on the back of Kantar data showing an uptick in supermarket sales through November and market share gains for each recently the pound held gains against the euro as traders priced in faster interest rate cuts on the continent the pound was trading at its highest versus the euro in two and a half years has laid out plans to invest up to £31.7 billion in UK energy grid projects over the five years from 2026 SSEN on Tuesday said proposals would be submitted to Ofgem for the planned spending under its next regulatory period which included £22.3 billion in known investment Further spending of up to £9.4 billion was also unveiled to cover potential additional costs related to the plan Some 37,000 jobs could be created across the UK through the investments, SSEN added, including 17,500 in Scotland, with the plans set to add £15 billion to the economy... Read more Wall Street got off to a mixed start on Tuesday as traders continued to await inflation figures due later in the week The Nasdaq ticked up 0.4% as trading got underway while the Dow Jones fell 0.4% and S&P 500 dipped just below the mark A quieter start to the week has left attention on Wednesday’s inflation reading for November as markets mull the probability of another Federal Reserve rate cut later this month On the company front, Oracle Corp (NYSE:ORCL, ETR:ORC) tumbled 8.6% early on after second-quarter figures overnight undershot expectations, while MongoDB Inc (NASDAQ:MDB) also slipped on results Alaska Air Group (NYSE:ALK) Inc soared 11.8% after upping its fourth-quarter outlook in earnings in the meantime Google owner Alphabet Inc (NASDAQ:GOOG) also jumped 5.7% following the unveiling of its ‘Willow’ experimental quantum computing chip Energy bills are expected to be hiked again in April on growing wholesale costs but also increased charges through Ofgem price cap reforms Ofgem’s energy price cap is expected to be set at £1,762 for the three months from April reflecting a 1% increase from January’s level in October and has confirmed another rise from January Higher bills would largely reflect wholesale price movements on uncertainty around gas supplies due to the Russia-Ukraine war and Donald Trump’s presidency However, further charges could be added to cover supplier bad debt and a network charge exemption scheme for energy-intensive industry, analysts added... Read more Canary Wharf will borrow £610 million from US investment giant Apollo to meet bond repayments over the coming years Having faced pressure due to a shift in working patterns since the pandemic Canary Wharf Group said the loan would be used to cover bonds due in April 2025 and 2026 The loan was secured against its 1.2 million square feet retail portfolio More than £2 billion worth of refinancing had been completed over the past year, Canary Wharf added, including on buildings occupied by the likes of Société Générale and EY... Read more The euro fell to its lowest versus the pound in over two years on Tuesday as traders priced in an interest rate cut from the European Central Bank this week Euro was trading 0.25% lower at 0.825p against sterling come Tuesday afternoon Markets are anticipating European interest rates to be cut by 25 basis points at the ECB’s meeting on Thursday stretching to 152 basis points worth of reductions by late 2025 The Bank of England is expected to hold interest in its upcoming meeting next week before cutting by a collective 75 basis points in the meantime showed inflation in line with expectations at 2.2% through November as the country grapples with the collapse of its government and economic woes Mining stocks were in reverse on Tuesday as a boost from renewed pledges by Beijing for economic stimulus looked to wear off Antofagasta PLC (LSE:ANTO), Glencore PLC (LSE:GLEN) and Anglo American PLC (LSE:AAL) all headed lower after having sat among the FTSE 100’s biggest risers on Monday in the wake of reports China would ramp up monetary and fiscal stimulus into the new year data on Tuesday showed Chinese exports and imports had both missed expectations for November reinvigorating fears over the world’s second-largest economy while exports climbed by 6.7% but missed the 8.5% increase expected “That doesn’t install much confidence about Beijing’s efforts to get the country back on top,” AJ Bell analyst Dan Coatsworth said “The prospect of higher tariffs on Chinese goods exported to the US once Donald Trump is back in the White House also cast a dark cloud on the near-term outlook making investors nervous about the region.” Asia-focused insurer Prudential PLC (LSE:PRU) was also among the FTSE 100’s fallers as a result with the index as a whole dropping 42 points to 8,309 Wall Street looked set to regain slightly on Tuesday after Monday saw declines across the board for the Nasdaq Futures had the Nasdaq and S&P 500 moving 0.1% higher ahead of Tuesday’s opening bell while the Dow Jones was seen just above the mark Scope Markets analyst Joshua Mahony noted the early-week declines had reflected “signs of instability” in the wake of a bumper November on Donald Trump’s election victory the weakness seen throughout US stocks serves to provide a warning that we might see a pullback before any year-end surge can take place,” he said Attention this week has been on Wednesday’s inflation report with markets expecting consumer prices to have risen by 2.7% in November and in turn pave the way for a Federal Reserve rate cut later in the month Ashtead Group PLC (LSE:AHT) failed to enthuse investors with plans to switch its primary listing to the US on Tuesday as a poor set of results clouded the news Shares fell 12.4% to 5,492p in the wake of the two updates placing Ashtead firmly ahead among the FTSE 100’s biggest daily losers Though Ashtead pointed to the prospect of “enhanced overall liquidity” through a move to the US the assurances were not enough to overshadow a separate guidance downgrade Revenue growth was set to come in between 3% to 5% this year “The construction market has seen weakness driven by the higher interest rate environment lasting longer,” eToro analyst Adam Vettese highlighted “This has in turn hurt used equipment sales and higher depreciation costs have hit Ashtead’s numbers.” In terms of Ashtead’s primary listing switch analysts noted the move had widely been anticipated anyway “It was always a question of ‘when’ not ‘if’ Ashtead would move its main stock listing to the US,” AJ Bell’s Dan Coatsworth commented adding “profit warnings from Ashtead aren’t common” Renewables are on course to produce more electricity than fossil fuels for the first time over the course of a full year in 2024 solar and hydropower will account for 37% of the UK’s electricity this year while gas power use is set to drop by 13% as generation hits its lowest since 1996 “The renewables future is here,” senior Ember analyst Frankie Mayo commented “With the phase-out of coal power completed this year reducing gas use is the next big opportunity for the country.” Tesco PLC (LSE:TSCO) and J Sainsbury PLC (LSE:SBRY) were among the risers on Tuesday morning after Kantar figures showed both grew their share of the grocery market recently Britain’s largest grocer grew its share to 28.1% up from 27.4% a year ago as sales grew by 5.2% in the 12 weeks to 1 December 2024 Number two Sainsbury’s share increased by 0.3 percentage points to 15.9% with its sales 4.7% higher than last year... Read more Tesco shares ticked up 1.2% in the wake of the figures, placing it behind only B&M European Value Retail SA (LSE:BME) among the day’s winners Ashtead Group PLC (LSE:AHT) remained the day’s biggest loser in the meantime after it unveiled plans to move its primary listing to the US but also flagged a drop in interim profit Miners also continued to weigh on the FTSE 100 sending London’s blue-chip index down 46 points to 8,305 The NHS will receive £23 million from Vifor Pharma following a probe by the Competition and Markets Authority (CMA) into potential misinformation Intravenous iron deficiency treatment maker Vifor offered the payment on the back of the probe into whether it had spread misinformation to doctors about rival products Vifor had also agreed to inform healthcare professionals of potential misinformation relating to its treatment, Ferinject, or Pharmacosmos’ Monofer product... Read more Supermarket sales picked up over the course of November before an expected surge to all-time highs in the run-up to Christmas sales across the sector grew by 2.5% over the four weeks to December 1 Sales over the course of December were then set to exceed £13 billion across Britain’s supermarkets for the first time ever “Monday 23 December is likely to be the single busiest day for the supermarkets this year,” Kantar retail insight head Fraser McKevitt said “Although there are clear signs that shoppers are already stocking up their cupboards.” Sales of sweet biscuits and those for cheese were said to have doubled month on month wine and spirits were the most bought among products on offer “Sales on promotion reached 30% in November the highest since Christmas last year,” McKevitt added “While multibuy promotions have stayed flat spending on price cut offers has grown by 14% Kantar also reported the average price of a Christmas dinner for four had jumped by 6.5% in line with higher turkey and vegetable costs Thames Water has said it risks running out of cash as soon as March without a proposed £3 billion emergency injection from creditors Britain’s largest water supplier on Tuesday warned it may not be able to continue operating without the funds after net debt grew from £14.7 billion in March to £15.8 billion come October Funds could become “exhausted” without court approval for the emergency injection ahead of rulings on December 17 and January 20 New funding, to which some creditors have already agreed, would keep the supplier to 16 million people afloat and stave off the threat of nationalisation until October... Read more Begbies Traynor (AIM:BEG) climbed 4.2% early on after reporting higher interim revenue and profit in part owing to an increase in insolvency activity Revenue climbed 16% to £76.3 million during the six months to October aiding a 16% increase in adjusted pre-tax profit to £11.5 million “Increased year-on-year insolvency activity levels in higher value cases” was highlighted alongside the likes of strong growth in asset sales on higher property auction volumes “Market conditions remain supportive for the group's service lines which is reflected in our current activity levels and positive momentum,” executive chairman Ric Traynor said... Read more London’s blue chips faced a losing start to the day shedding 39 points to sit at 8,312 early on Ashtead Group PLC (LSE:AHT) led early fallers after unveiling plans to move its primary listing to the US and also reporting a drop in first-half profit Mining stocks also weighed, with the likes of Anglo American PLC (LSE:AAL), Glencore PLC (LSE:GLEN) and Antofagasta PLC (LSE:ANTO) reversing on gains seen on Monday Industrial equipment rental firm Ashtead Group PLC (LSE:AHT) has proposed switching its primary listing from the UK to the US in yet another blow to London “The board has concluded that the US market is the natural long-term listing venue for the group and that moving to a US primary listing is in the best interests of the business and its stakeholders,” it said on Tuesday Potential benefits would include “enhanced overall liquidity in the group's shares given access to deeper US capital markets,” FTSE 100-listed Ashtead noted Ashtead separately reported a 2% increase in revenue to US$5.7 billion and 1% drop in operating profit to US$1.5 billion for the first half of the year British Gas owner Centrica PLC (LSE:CNA) has unveiled a £300 million extension to its share buyback programme ahead of an investor event on Tuesday Additional repurchases would mean Centrica had bought back £1.5 billion worth of shares Centrica also noted full-year earnings were set to meet analysts’ expectations for 18.5p a share leaving mean net cash in line with forecasts for £2.56 billion Centrica’s offered to update ahead of a “teach-in” event on Tuesday around its energy and meter asset provider businesses... Read more The FTSE 100 was set to give up some of Monday’s gains on Tuesday with futures pointing to an 18-point drop to 8,325 London’s blue chips had racked up a 43-point gain on Monday aided by a rally among mining stocks after Beijing pledged further stimulus measures for next year South Korea’s Kospi rallied after recent drops in the wake of political uncertainty around last week’s martial law declaration attention was on trading updates from Ashtead and Moonpig Moonpig and Ashtead will be among those to update on a busy Tuesday Commentary around Ashtead's outlook on an expected spending spree under incoming president Donald Trump will be watched for... Read more Moonpig will need to prove positive momentum has continued after an upbeat update last time out... Read more Centrica's investor event is set to draw attention as analysts anticipate a guidance hike... Read more Trading updates: Centrica PLC (LSE:CNA) Interims: Ashtead Group PLC (LSE:AHT) Economic announcements: Consumer Price Index (GER)  Ashtead Technology has signed a global technology partnership with EdgeTech to bring the first eBOSS system to the subsea technology rental market The EdgeTech Buried Object Sonar System (eBOSS) is the latest advanced technology sub-bottom sonar system developed for penetrating the seabed to accurately detect classify and identify buried and partially protruding objects including unexploded ordnance (UXO) the eBOSS system is also capable of identifying larger items such as mine-like objects Due to the low-frequency acoustic imaging capabilities the system can be used for real-time surveys such as cable or pipe tracking as well as route surveys the data can be captured for post project processing using synthetic aperture sonar (SAS) to render 3D images of buried objects “We are delighted that EdgeTech has chosen Ashtead Technology as their technology partner for the impressive eBOSS system “Combining this industry-leading detection system our extensive expertise in bespoke deployment methods and our global fleet of ancillary equipment will create an unrivalled integrated detection package that will help to effectively address our customers’ subsea challenges,” said Ross MacLeod Integrated Projects Director at Ashtead Technology The new technology partnership brings together EdgeTech’s latest sub-bottom profiling sonar technology with project management installation support and expert offshore technicians from Ashtead Technology to ensure effective deployment and support at every stage of a project The eBOSS system is deployable from vessels “We are excited to work with Ashtead Technology to bring eBOSS to the market and are relying on their expertise to help provide this remarkable game-changing  technology to customers," added Rick Babicz Marine Technology Reporter is the world's largest audited subsea industry publication serving the offshore energy Marine Technology ENews is the subsea industry's largest circulation and most authoritative ENews Service delivered to your Email three times per week sans-serif);font-weight:var(--chakra-fontWeights-normal);line-height:23px;}@media screen and (min-width: 0px){.css-1bi0btv{font-size:1rem;}}@media screen and (min-width: 992px){.css-1bi0btv{font-size:calc(1rem + 2px);}}Trading under the Sunbelt brand and moving its primary stock market listing from the UK to the US down from $10.95 billion in late OctoberChief executive Brendan Horgan said: although it did reduce forecasts for sales in Canada Third-quarter rental sales to late January rose 1% to $2.38 billion driving adjusted profit (EBITDA) up 1% to $1.18 billion which is in the process of moving its primary stock market listing to the US now expects revenue in Canada to grow between 9% and 13% in the year to April That comes as film industry demand in Canada has failed to recovery to levels seen before the previous writers and actors strike Shares in the FTSE 100 company fell 8% in UK trading having come into this latest news down 16% over the last year. That’s similar to North American rival United Rentals Inc (NYSE:URI) and in contrast to a 15% gain for the FTSE 100 index over that time.  Ashtead rents out a full range of construction, industrial, lighting and emergency power generating equipment via its Sunbelt brand in the US, Canada and UK. Management flagged that demand strength for mega projects and hurricane response efforts across North America continues to more than offset reduced local level construction activity. Ashtead continues to expect annual rental revenue growth of 3-5%, although that’s down from an estimate of 5- 8% nearer the start of the financial year.  The City currently forecasts adjusted profit for the year to April 2025 of $5.03 billion, potentially up from last year’s $4.89 billion.  Broker Morgan Stanley reiterated its ‘overweight’ stance on the shares post the update. A fourth-quarter and full-year trading update is scheduled for 17 June.  Founded in Ashtead, Surrey in 1947, the company today rents out more than 1 million items of equipment to over 900,000 different customers. Its equipment to hire includes aerial platforms, air compressors, heaters, lighting, water pumps and crowd control barriers. The US generated most sales over its last financial year at 86%, followed by the UK at 8% and Canada the balance of 6%.  For investors, events outside of management’s control such as strikes and customer bankruptcies warrant consideration. Exposure to the cyclical construction industry previously resulted in management downgrading forecasts. Group net debt of $10.6 billion and related finance costs should not be forgotten, while President Trump could potentially reduce spending on infrastructure or mega projects in order to lower historically high US government debt.   More favourably, US mega projects and disaster recovery continue to support demand. Further cuts in US interest rates are predicted, potentially helping revive local construction spending. Bolt-on acquisitions remain a feature, with 26 totalling $905 million made over its last financial year, while the dividend payment has been increased for more than 15 consecutive years, leaving the shares on a forecast dividend yield of around 1.7%.  For now, exposure to cyclical construction activity generates some caution. That said, Ashtead’s track record for long term growth and a consensus analyst fair value estimate above £61 per share, look to provide reasons for cautious optimism.   Yet another blow to London or just a reasonable move decades in the works will shift its primary listing to New York and take the Sunbelt name on the plc level in the next 12-18 months listing in 1986 with a few equipment rental branches in the south east of England and then the company grew through significant acquisitions from 2000 onwards.  the company says it is time to aim for more prominence in the minds of US investors with almost all the group's operating profit (98 per cent in FY24) derived from North America which is also the core growth market for the business,” the company said It added that the “access to deeper US capital markets” was also part of the shift.  Ashtead’s shares fell as it also announced a cut to profit and sales expectations for the 12 months with sales growth now expected at 3-5 per cent The share price dropped 12 per cent to 5,500p Read more: Four quality US stocks – and how we found them Meeting Braemar’s CEO: Lee and the IC The IC Stock Screen Review 2024 Separation and your finances: a guide for cohabiting couples A new dawn for Metro Bank? French media and telecoms group Vivendi (FR:VIV) will split after a plan to hive off three businesses passed a shareholder vote This brings a major television and film production house and streaming company to the UK said it could be worth close to €7bn (£5.8bn) if listed separately He has pushed for the breakup and the Bolloré holding company will hold just over 30 per cent of each of the four entities “We are convinced that this new chapter for Canal+ Havas and Louis Hachette Group will be very promising and create value for all stakeholders,” said Vivendi chief executive Yannick Bolloré While Europe provides around 75 per cent of revenue the company is also active in French speaking sub-Saharan Africa and owns video streaming platform Dailymotion Read more: A media giant that could change London’s fortunes Games Workshop (GAW) confirmed that it had finalised its long-awaited deal with Amazon to adapt its Warhammer 40,000 product into a film and TV series together with the associated merchandising rights Amazon has been given an option to license equivalent rights for the Warhammer Fantasy line as a follow-up it added that production of any film or TV series “may take a number of years” and left its forecast for the current year unchanged Read more: Shares I love: Games Workshop The board of Boohoo (BOO) has told shareholders that efforts to secure commitments from Frasers (FRAS) over how it might run the fast fashion retailer have all been ignored or denied, adding that a ‘protocol’ put forward by founder Mike Ashley “does little more than state that [he] will comply with basic legal undertakings”.  which is Boohoo’s biggest shareholder with a 29 per cent stake has convened the meeting in a bid to have Ashley installed as its chief executive and for restructuring expert Mike Lennon to be appointed to its board It has also called for the removal of Boohoo’s co-founder Mahmud Kamani which has brands that compete with it and is also a significant shareholder in rival Asos (ASC) has ignored a request from Frasers to give undertakings that any transactions involving Boohoo and Frasers would be carried out at arm’s length without Ashley’s involvement It also said Frasers declined a request to make a statement that it had no intention to bid for Boohoo or any of its assets Ashley wrote to shareholders over the weekend stating that avoiding a fire sale of assets at knockdown prices was “critical” to Boohoo’s turnaround and pledged to engage in “greater transparency and shareholder consultation” than the current board He described Boohoo’s accusations of conflicts of interest as “a weak and self-serving defence” British Gas owner Centrica (CNA) has a slight advantage on the others providing critical services While it has faced its share of controversies – most recently forced entry to vulnerable people’s houses to install pay-as-you-go meters – but financially it remains steady even putting £1.2bn into share buybacks in the past two years National Grid (NG.) has bought back shares in the past but more recently has raised a record amount of cash to fund grid improvements.  Centrica said on Tuesday it would put another £300mn into buybacks in the coming 10 months as it “remains committed to its disciplined capital allocation framework” Closing net cash will be around £2.5bn.  The trading update also put 2024 capital expenditure at £600mn the bottom end of the £600mn-£800mn guidance Earnings for the year will be in line with analyst estimates also highlighting life extensions to four nuclear power stations This takes Heysham 1 and Hartlepool to 2027 and Heysham 2 and Torness to 2030 Shares at Begbies Traynor (BEG) soared by more than 4 per cent this morning after the insolvency specialist reported a double-digit revenue and profits surge in its half-year results.  A combination of improved insolvency activity levels in higher value cases and acquisitions resulted in a 16 per cent revenue increase to £76.3mn driving a 16 per cent rise in adjusted pre-tax profits to £11.5mn as operating margins ticked up 30 basis points to 16.5 per cent.  The company swung from a net cash balance of £1.1m in the previous half to a net debt position of £3.8m following a payment of £4.1mn acquisition earn-outs £0.8mn share buybacks and £2mn dividends.  As Begbies continues to work towards its £200mn medium-term revenue target management said the company is on track to deliver full year results in line with current market expectations of pre-tax profits of £23-24.3mn In a short update ahead of its annual results release in February industrials group Porvair (PRV) said it expects to post revenue growth of 9 per cent and adjusted earnings per share “marginally ahead of market expectations” for the year to 30 November A net cash balance of £14mn at the year-end was also better than consensus.  Management reconfirmed that former Hill & Smith (HILS) chief operating officer Hooman Caman Javvi will join the board as chief executive designate on 6 January The shares rose 3 per cent in early trading Uncertainty continues to slow the delivery of affordable housing projects according to a trading update published by Springfield Properties (SPR) this morning.  The Scottish housebuilder attributed the hesitancy to “uncertainty around the availability of public funding” It added that some of its projects would be initiated slightly later than planned as a result.  Springfield confirmed that it was on track to meet market expectations for the financial year It also noted that it had reduced net bank debt to £63.6m a 31 per cent reduction on the same period last year but a 59 per cent increase compared to March this year Teledyne Marine has secured its first orders for the Compact Navigator the company’s new ultra-compact autonomous navigation system for subsea and surface vehicles Ashtead Technology has placed a significant initial order marking the first commercial adoption of what is said to be the world’s smallest and highest-performing fully integrated autonomous navigation solution The Compact Navigator is Teledyne Marine’s latest advancement in navigation technology, designed to deliver high-precision positioning and enhanced performance in a lightweight it enables new inspection and survey operations that were previously unachievable  “Ashtead Technology is a valued partner and their investment in this leap forward in navigation technology is a testament to the growing demand for versatile “Combining class-leading performance with a remarkably small footprint the Compact Navigator operates independently of GNSS and excels in acoustically challenging environments - making it ideal for the latest generation of autonomous surface and subsea vehicles,” said Paul Mariner Christmas dinner for four costs £32.57 as price of turkey and vegetables rises; wider grocery inflation climbs to 2.6% UK shoppers will pay £32.57 for a festive meal for four, according to retail analysts at Kantar, spurred by a 16.3% jump in potato prices and a near 15% rise in the cost of carrots. All elements in the meal rose in price except sparkling wine, which remained level on last year with the most expensive item, turkey, up 8.5%. The overall cost of a Christmas dinner rose by almost three times the pace of wider grocery inflation. Grocery prices stepped up 2.6% in the four weeks to 1 December, up from 2.3% a month before, according to Kantar. Prices rose fastest on household essentials such as toothbrushes and chilled juices, while they fell on items such as dog food and toilet roll. Spending on groceries to take home rose just 2.5% in the 12 weeks to 1 December – just behind inflation in the final month of that period – indicating that shoppers are still cautious about putting more items in their baskets and searching for ways to save. The company, which has been listed on the London Stock Exchange (LSE) since 1986, said the US was a natural home for the company, given that nearly all of profits – about 98% – are made across the Atlantic. However, its switch away from the UK represents another snub to the LSE, which a number of high-profile businesses have left. 10 Dec 202415.59 CETArabica coffee prices hit record highs on Brazil crop fearsArabica coffee prices hit record highs today as dealers worried about the outlook for Brazil’s crop slashed its 2025/26 forecast for the country’s arabica output which grows nearly half the world’s arabica - high-end beans typically used in roast and ground blends beloved by barristas - will produce just 34.4m bags of the bean next season according to a Volcafe report seen by Reuters The forecast has been cut by 11m bags because of a high level of blossom failure following this year’s drought Volcafe sees an “unprecedented” fifth consecutive global coffee shortage of 8.5m bags next year The situation of continuous deficits prevalent since 2021 is largely driven by the inability of Brazil to produce a healthy ‘on-cycle’ arabica crop back to above 50 million bags used as a benchmark to price physical coffee around the world They are now trading 4.3% higher at $3.4440 per lb Coffee beans are cooled after being roasted at Red Whale Coffee in San Rafael, California. Photograph: Justin Sullivan/Getty ImagesCoffee prices have jumped by 80% this year, also driven by worries over crops in top robusta producer Vietnam. The price rises have boosted potential earnings for farmers but they are challenging traders, who are facing crippling hedging costs on exchanges and a scramble to receive the beans they are owed. Rising prices are also prompting some consumers to switch to cheaper coffee. The boss of Nestlé, the world’s biggest coffee company, was ousted earlier this year after the board grew unhappy about weak sales and a loss of market share as coffee drinkers switched to cheaper brands. 10 Dec 202415.51 CETEuston's ad screen to show train informationGwyn TophamLondon Euston’s controversial giant advertising screen will be repurposed to show train information – in the same position as the traditional departures boards it replaced a year ago Network Rail will again display information for passengers on the wall spanning the main concourse, after swelling public discontent ended with the former transport secretary Louise Haigh ordering immediate action to improve one of Britain’s most important mainline stations - starting by switching off the adverts Information will now be instead displayed on the advertising screen The original screens have been bought by a transport museum The smaller information screens installed across the concourse will remain As well as wanting to generate advertising revenue Network Rail had partly embarked on the redesign to improve passenger flow It argued that the single location of the original board contributed to congestion as people massed to await platforms to be displayed I’m pleased to see Network Rail taking action and making progress on its five-point plan to alleviate some of the issues faced at Euston – particularly at this time of year when the festive period brings an increase in passengers The rail regulator last year warned Network Rail about the risks of overcrowding in Euston, while watchdog London TravelWatch criticised last-minute announcements which caused passengers to rush to platforms European stock markets have fallen, while indices on Wall Street have opened higher, apart from the Dow Jones. The Nasdaq opened 0.3% higher while the S&P 500 edged up nearly 0.1% and the Dow slipped by 100 points, or 0.2%. The FTSE 100 index in London is 0.77% lower at 8,287; the German Dax has gained 0.15% and the CAC 40 is down by 0.6% while the Italian FTSE MiB is just in positive territory. Updated at 15.40 CET10 Dec 202415.27 CETAJ Bell investment analyst Dan Coatsworth said about NatWest, one of the FTSE 100’s star performers this year: NatWest was a beneficiary of regular upgrades to earnings forecasts during the year. It delivered impressive results thanks to improved margins and growth in lending and savings deposits. A major share overhang was lifted as the government accelerated the sale of what was a large stake in the business following a bailout in the global financial crisis. The stake is now less than 11% versus 38% a year earlier and the government has indicated it will be out completely next year. A decade ago, everyone was talking about challenger banks eating the legacy players’ lunch, yet NatWest is one of the big banks to have shaken off this competition. It has found ways to run the business more efficiently and growth has more recently been augmented by the acquisition of assets from Sainsbury’s Bank and Metro Bank. Turning to aircraft engine maker Rolls-Royce, he said: Rolls-Royce is a true phoenix from the ashes story. Having disappointed for years on cash flow, Warren East laid the foundations for running a tighter ship at Rolls-Royce, but his successor Tufan Erginbilgiç is the one basking in all the glory for this grand turnaround. Upgraded earnings forecasts can be a powerful share price catalyst and analysts have found reason time and time again over the past few years to nudge up their expectations for the British engineer. A recovery in the aviation industry has helped. The amount of time planes fly in the sky has a direct impact on the amount Rolls-Royce makes on spares and repairs contracts for a large installed base of aircraft engines. This installed base itself is also growing. Airlines are investing heavily to expand their fleet as they add new routes and seek more energy-efficient planes. The company’s defence business is benefiting from an improved outlook as countries prioritise military spending thanks to heightened global tensions. Updated at 15.39 CET10 Dec 202415.26 CETFTSE 100 enjoys best year since 2021 – AJ BellThe FTSE 100 has enjoyed its best year since 2021 with an 11.4% total return and NatWest and engine maker Rolls-Royce emerging as the top performers And JD Sports and discount retailer B&M are the worst performers according to analysis by the stockbroker AJ Bell The FTSE 100 has enjoyed its best year since 2021 with an 11.4% total return driven by a mixture of companies delivering good news and takeover activity,” says The UK stock market doesn’t deserve its unloved reputation While it may lack the glitz and glamour of the US market it’s still full of interesting companies offering steady earnings growth the FTSE 100 can help provide ballast to an ISA or pension portfolio particularly as the index has a rich source of dividends and a good mix of cyclical and defensive companies The average total return for the index is 7.1% over the past decade It has achieved double-digit returns in five of the past 10 years We’ve previously said… that looking at DCAs [discretionary commission arrangements] alone, we do not think it’s the scale of PPI. But that was when we were looking at DCAs alone. So I think it would be premature to say it’s definitely not the scale of PPI, now. 10 Dec 202414.34 CETMoonpig slumps £33m into the red after experiences hitSarah ButlerOnline card and gift specialist Moonpig has slumped £33m into the red after sales of experiences were hit by the cost of living crisis. The company wrote down the value of its experience gift arm, which sells vouchers from just under £30, by almost £57m, saying it faced a “challenging market environment” and was “more sensitive to the economic cycle than the rest of the group.” The write down came as Moonpig said it has increased sales by 3.8% to £158m with sales from its Moonpig and Greetz sites up 7.3% but revenue from experiences down 20.8%. The company said it expected investments in technology and innovation, including AI-generated versions of customers’ handwriting and message suggestions for cards, would drive double-digit sales growth. Richard Torbett, chief executive of the ABPI said: 10 Dec 202413.20 CETVifor Pharma pledges to pay £23m to NHS over 'misleading claims' on iron deficiency treatmenVifor Pharma has pledged to pay £23m to the NHS after Britain’s competition watchdog raised concerns that the drugs firm had been making misleading claims about the safety of a rival’s iron deficiency treatment The Competition and Markets Authority (CMA) has been investigating whether Vifor - which makes intravenous iron treatment Ferinject - has spread misinformation to doctors and nurses about the safety of a rival treatment Iron deficiency anaemia is a condition where a lack of iron in the body leads to a reduction in the number of red blood cells The CMA’s investigation focused on intravenous iron treatments typically prescribed where oral medicine is not suitable – such as treating patients with long term health conditions or before they undergo major surgery Vifor Pharma has agreed to quickly address the CMA’s competition concerns and offer a number of commitments which the CMA will now consult on with interested parties until 17 January Making a payment of £23m to healthcare systems across the four nations following concerns that the claims could have an adverse financial impact on the NHS Writing to healthcare professionals to correct any potentially misleading communications regarding the safety of Monofer and Ferinject Introducing several measures to prevent dissemination of misleading information in the future the commitments will become legally binding and will mean that it is not necessary for the CMA to decide whether Vifor Pharma broke competition law The Competition and Markets Authority (CMA) website seen through a magnifying glass Photograph: Louisa Svensson/AlamyJuliette Enser the CMA’s executive director for competition enforcement Pharmaceutical companies must think carefully when making claims about competitors – these can have real impact on the doctors and nurses making potentially life-changing decisions about treatment and Iron deficiency anaemia affects millions of people across the country and can have a serious impact on their quality of life We know that vulnerable patients with long-term health conditions such as coeliac disease and heart failure depend on this vital treatment As well as ensuring patients are protected the commitments we are consulting on support competition - enabling businesses to operate on an even playing field and the NHS to get good value for money a Swiss firm that was acquired by Australia’s CSL three years ago said it had made the commitments but added: It does not mean any admission of liability on our part CSL Vifor is pleased to be taking this important step towards resolution of the CMA investigation If we’re going to allow more risk into the system there’s going to be in the financial services industry - not just here but around the world - it sometimes does attract people who don’t have the best of intentions and we’re not going to be able to stop everything FCA chair Ashley Adler told the Treasury Committee that this was not about returning to “pre-crisis light touch” regulation: Standards must remain high but there is a very good argument for proportionality which showed its debts increase to £16bn and a 40% increase in the number of pollution incidents in the six months to 30 September It reported 359 category one to three pollution incidents blaming an especially wet spring and summer The industry has faced public outcry over sewage spills into the UK’s seas and waterways said that after “record rainfall and groundwater levels in our region pollutions and spills are unfortunately up” The Unite union issued a scathing response and reiterated its call for Thames Water to be renationalised This is the grim reality of water privatisation a company swimming in debt while the rest of us are swimming in sewage The only solution the company has is for customers to pay even higher bills While corporate vultures wait in the wings looking to asset strip It is time for the government to take control and stand up for the public interest Thames Water needs to be brought back into public ownership and those who have racked up billions in debt are the ones who can pay it - not the taxpayer Thames Water contractors putting in new pipes on a main road in Shiplake, Oxfordshire. Photograph: Maureen McLean/REX/ShutterstockThe Liberal Democrats also called for urgent government action. The opposition party’s environment spokesperson, Tim Farron, said: This latest shocking rise in sewage spills must be the final straw for Thames Water. The government must put this broken firm into special administration to give customers the fair deal they deserve. Time and time again Thames Water has proved it is no longer fit for purpose and cannot be trusted with our precious waterways. Whilst pumping out raw sewage and letting pollution incidents spiral out of control, Thames Water have lined their pockets, mismanaged infrastructure and overseen mounting debts. It is unacceptable to continue coming up with excuses, and refusing to take responsibility for the absolute mess they’ve left . Updated at 14.36 CET10 Dec 202410.29 CETCanary Wharf Group borrows £610m from ApolloCanary Wharf Group which owns most of the Docklands in southeast London has agreed to borrow £610m from US investment giant Apollo to repay bonds that fall due over the next couple of years The proceeds will be used to repay CWG’s bonds due in April 2025 and April 2026 CWG is trying to lure life science and technology firms to the area CWG, which is owned by Canada’s Brookfield Property Partners and Qatar Investment Authority, said the financing deal showed strong support from lenders for the business district The company has completed more than £2bn of refinancings in the past year We have achieved a significant amount of financing over the last 12 months and this latest deal with Apollo is testament to the strength of the proposition and our performance at Canary Wharf We continue to attract new businesses to the Wharf including health Several customers have recommitted including Barclays Revolut chose Canary Wharf as its global headquarters More than 3,500 people are now living in Canary Wharf In a letter to shareholders ahead of a 20 December meeting called by Frasers at which Ashley is aiming to secure a seat on the board for himself and an ally Boohoo’s directors warned that Ashley’s tactics were an “attempt to destabilise boohoo” They warned that Ashley had used similar tactics on Studio Retail Group which went into administration before he bought it for £1 An average Christmas dinner for four costs £32.57, up 6.5% on last year, largely driven by the price of turkey and Christmas vegetable staples, according to retail analysts Kantar. Wider grocery inflation rose at an annual rate of 2.6% in the four weeks to 1 December, up from 2.3% in the previous month. Sales at supermarkets and other grocery stores increased by 2.5% in the four weeks to 1 December as shoppers get ready for Christmas. Sales of assorted sweet biscuits and biscuits for cheese both doubled in November compared with the month before, while 8% of shoppers bought a Christmas pudding. Grocers’ sales are expected to continue growing, exceeding £13bn over the four weeks of December for the first time ever. Fraser McKevitt, head of retail and consumer insight at Kantar, said: Sales on promotion reached 30% in November, the highest since Christmas last year. McKevitt said: It’s retailer price cuts, often accessed through loyalty cards, that are really driving this. While multibuy promotions have stayed flat, spending on price cut offers has grown by 14%, worth £355m more than last year. Shoppers are grabbing the chance to spend that little bit more than usual on Christmas specials, and champagne, wine and spirits saw the biggest levels of buying on deal. Tesco – Britain’s biggest retailer – achieved its highest market share since December 2017 at 28.1%, according to the report. 10 Dec 202408.49 CETIntroduction: Thames Water could run out of cash by March without £3bn debt deal; Ashtead to move listing to USGood morning and welcome to our rolling coverage of business Another update from embattled Thames Water: the UK’s biggest water company warned this morning that it will run out of cash by the end of March without an emergency debt deal It said all its funds may be “exhausted” if it fails to secure court approval for a £3bn financial lifeline This would mean that it could be nationalised which some creditors have already agreed to lend it This would give Thames Water enough funds to keep going until next October The update on its finances comes at a critical time for the utility which is struggling under a £16bn debt pile and supplies 16 million customers across London and the Thames Valley Today’s news demonstrates further progress to put Thames Water onto a more stable financial footing as we seek a long-term solution to our financial resilience Investors have expressed interest in taking a new stake in the business they are still trying to find out what terms they might get from the beleaguered company if they provide billions of pounds of new equity funding Read moreFTSE 100-listed Ashtead Group said it intends to move its listing to New York from London which trades under the name Sunbelt Rentals was founded in England in 1947 and has been part of the London Stock Exchange since 1986 It embarked on a series of US acquisitions from the early 2000s and argues that the US is its “natural” home with almost all the group’s operating profit (98% in 2024) derived from North America The group’s executive management team and operational headquarters are based in the US and the vast majority of the group’s employees reside in North America The company will seek approval from shareholders for a move to a US primary listing at a general meeting and expects the move will happen over the next 12-18 months It also warned of a lower annual profit because of a weak commercial construction market in the US The planned departure follows similar moves earlier this year by Paddy Power and the Betfair owner Flutter Entertainment 9:45am GMT: UK Treasury committee hearing: FCA CEO Nikhil Rathi and chair Ashley Adler to discuss work of regulator 10am GMT: Italian industrial production for October