The equipment rental company cited commercial construction dynamics in the U.S. for lowering its guidance and said the country is its natural long-term listing venue.

Construction equipment rental company Ashtead Group Plc delivered the latest setback to the UK stock market as it proposed moving its primary listing from London to the US.

British equipment rental firm Ashtead is proposing to move its primary listing to New York from London, it said on Tuesday, as it also warned of lower annual profit due to a weak commercial construction market in the United States.