London Daily

Focus on the big picture.
Monday, Sep 01, 2025

Blow for London as another FTSE 100 firm eyes primary listing in New York

Blow for London as another FTSE 100 firm eyes primary listing in New York

CRH is not a household name on the FTSE 100 Index but it could soon become a further company to abandon its London listing in favour of one in New York.
FTSE 100 building materials firm CRH has recommended moving its primary stock market listing to New York, exacerbating worries about the London market's standing as a global financial centre.

The Ireland-based company confirmed its plans to investors on Thursday morning as it revealed full-year results that showed a 12% rise in sales to $32.7bn (£27.4bn).

Much of that growth was attributable to the United States which accounts for 75% of its earnings.

The company said the world's largest economy was a "one-way bet", with already robust demand through big infrastructure investment also boosted by the $400bn Inflation Reduction Act which aims to stimulate the take-up and roll-out of green energy across the US.

CRH also benefited from a rise in the onshoring of manufacturing activity, partly due to disruption in China caused by COVID.

"The US really is in good shape and we're facing I suspect five to 10 years of really strong growth," chief executive Albert Manifold told the Reuters news agency.

"We are now at a historic step-off point in the United States. We had the confluence of events coming together, three very, very significant federally funded programmes, the likes of which the United States has never seen before."

Its London-listed shares were up by more than 10% at one stage on Thursday.

Analysts said that was mainly due to a 5% rise in dividends, plus the lure of a $3bn share buyback that was almost triple the sum purchased by the company during 2022.

Its plans to shift the primary listing to New York follow in the footsteps of plumbing and heating merchant Ferguson - another US-focused company.

The proposed move, which shareholders must back, follows worries that London has lost its edge in the wake of Brexit and through the lure of a slice of big government spending across the Atlantic.

Russ Mould, investment director at AJ Bell, said the plan reflected badly on government efforts to make London more attractive after the UK's separation from the EU.

"First, we had reports that Shell looked at shifting its stock market listing and headquarters to the US, although that doesn't seem to be on the table now," he said.

"Second, reports suggest that chip designer Arm will not return to the London stock market and instead opt for a US listing."

Mr Mould added: "Now we've got the news from construction group CRH that it wants to switch its primary listing to the US.

"That would mean it no longer qualifies for inclusion in FTSE indices and therefore would leave the prestigious FTSE 100 index."

He continued: "Efforts to relax the listing rules to attract more companies to London come across as a bit desperate.

"It should be a badge of honour to list in the UK, but that reputation is dwindling fast. Overseas investors lost interest in the trading venue as soon as the UK voted in favour of Brexit, and valuations have got even cheaper.

"That's hardly a good sales pitch to attract more big companies to the UK market.

"There are plenty of other companies in the FTSE 100 which do business in the US that could easily follow Ferguson and CRH," he warned.
Newsletter

Related Articles

0:00
0:00
Close
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
Federal Reserve Independence Questioned Amid Trump’s Push to Reshape Central Bank
British Politics Faces Tumultuous Autumn After Summer of Rebellions and Rising Farage Momentum
US Appeals Court Rules Against Most Trump-Era Tariffs
UK Sought Broad Access to Apple Users’ Data, Court Filing Reveals
UK Bank Shares Dive Over Potential Tax on Sector
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Argentine President Javier Milei Evacuated After Stones Thrown During Campaign Event
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Starmer Should Back Away from ECHR, Says Jack Straw
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
Chinese AI Chipmaker Cambricon Posts Record Profit as Beijing Pushes Pivot from Nvidia
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Welcome to The Definition of Insanity: Germany Edition
Just a reminder, this is Michael Jackson's daughter, Paris.
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
×