Shares at Ashtead Group have fallen to a three-month low after the firm announced that it was not planning on listing on the US markets.

Earlier this month, The Telegraph reported that the British equipment rental company was in the early stages of considering a move to New York from London.

However, in its final quarter results for the 2024 financial year, the firm’s chief executive officer, Brendan Horgan, said that the board had discussing "listing residency", but that that none was planned for now, Reuters has stated.

In its results, it reported a 7% revenue increase in the final quarter to $2.6bn (£2.05bn), with full year revenue also jumping by 12% to $10.6bn (£8.34bn).

Furthermore, the group’s EBITDA increased by 6% and 11% in the same periods to £1.14bn and £4.9bn respectively.

Although operating profit dropped by 2% in the final quarter of the year, Ashtead recorded an operating profit of £2.6bn year-on-year, an increase of 5%.

In response to the results, Horgan said: "The group's operating performance continues to be strong with record revenue and operating profit, up 12% and 5% respectively, both at constant currency. After a higher interest expense, reflecting the interest rate environment and increased average debt levels, adjusted profit before taxation was slightly lower than last year at $2.23bn (2023: $2.27bn).

"Our end markets in North America remain robust with healthy demand, supported in the US by the increasing proportion of mega projects and the ongoing impact of the legislative acts. We are in a position of strength, with the operational flexibility and financial capacity to capitalise on the opportunities arising from these market conditions and ongoing structural changes. Through the actionable components of our new strategic growth plan, Sunbelt 4.0, we will drive long-term sustainable growth and returns for all stakeholders and the Board looks to the future with confidence."

Equity analyst at Hargreaves Lansdown, Matt Britzman, added: "Ashtead’s markets are slowing. Hot off the heels of news that it may be looking to move its main listing to the US, this was a slightly soft set of results. Whether you look at revenue, profit, or guidance, it’s hard to see much for markets to get excited about here. Management would be forgiven for giving slightly conservative guidance for the coming year after several disappointments of late, and it looks like that’s the case.

"But rental giant Ashtead is still demonstrating its strength, just in a softer market. The larger construction equipment players are taking market share, and that plays right into Ashtead’s hands. Mega-projects in the US will continue to act as a medium-term tailwind, and it was positive to see rental rates showing strength in the final quarter. This had been an area of concern going into the results. Longer term, the US rental market is fragmented and there’s a growing appreciation from end-users as to the benefits of rental over ownership."

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