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Flags slower growth for Fiscal 2025

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Media reports had said listing was being considered

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Shares fell by as much as 5%

(Recasts headline and first paragraph, adds details throughout)

By Yamini Kalia and Echha Jain

June 18 (Reuters) - British equipment rental company

Ashtead Group ( ASHTF ) has no immediate plans to move its listing

to the United States, it said on Tuesday, when it also forecast

slower revenue growth for fiscal 2025, sending its shares to a

nearly three-month low.

Earlier this month, The Telegraph newspaper reported Ashtead

was in early stages of considering whether to switch its listing

to New York from London, as an increasing number of UK companies

favour U.S. markets, where valuations can be higher.

CEO Brendan Horgan told an analysts' call the board

periodically discussed "listing residency". He said investors

would be informed of any change, but none was planned for now.

Ashtead, which serves construction, emergency response and

entertainment markets in Britain, Canada and the United States

expects group rental revenue to rise between 5% and 8% in the

financial year ending April 2025 after a 10% jump in 2024.

The company expects US rental revenue to rise between 4% to

7% in 2025, dragged down by an additional provision after a

customer filed for bankruptcy protection in May due to a

contract dispute.

In November, Ashtead flagged a more-than-$2 billion

depreciation charge for the year, and cited lower levels of

emergency response activity in the United States, its biggest

market, and the lingering impact of the Hollywood strikes.

Ashtead shares fell by as much as 5% to 5,228 pence in

morning trade.

J.P. Morgan cut its pre-tax profit guidance for 2025/26 by

3% to a consensus of $3.5 billion on weak US rental revenue

forecasts.

Analysts at Hargreaves said longer term, the U.S. rental

market looked fragmented, but said there was "a growing

appreciation from end-users as to the benefits of rental over

ownership".

Ashtead posted an adjusted pre-tax profit of $2.23 billion

for the year ended April 30, compared with $2.27 billion a year

ago.