Soon FTSE 100 companies reporting in dollars or euros could hold greater worth than those reporting in pounds. Equipment hire group Ashtead is the latest to switch. That would value foreign currency exponents at just over £1tn from a market worth of some £2.2tn for the City’s flagship share index.
Little Englanders may recoil. But the real issue for the UK is retaining a decent spread of listed companies.
Ashtead’s American boss Brendan Horgan presented full-year results via webcast from South Carolina on Tuesday. Ashtead, named after a village in Surrey, has grown steadily in the US through bolt-on acquisitions. That country generates 80 per cent of revenues and 90 per cent of profits.
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