(Reuters) -UK equipment rental firm Ashtead said on Tuesday that it expects annual profit to come in below previous expectations and that it plans to shift its primary listing from London to the United States, its biggest market.

Ashtead said it would discuss the proposal with shareholders and expects the plan to be implemented in the next 12-18 months.

It said it would retain a UK listing.

The company said adjusted pre-tax profit fell 2% to $682 million for the three months ended Oct. 31, hurt by higher depreciation costs and lower used-equipment sales amid weakness in commercial construction market in North America.