88 companies to leave London Stock Exchange in 2024, fastest pace since 2009

The London Stock Exchange is on track for its worst year in nearly 15 years, with dozens of companies leaving the UK market for the US, amid growing concerns that more FTSE 100 companies will follow suit.

From the start of 2024 to the close of December 13, 2024, 88 companies announced the cancellation or transfer of their primary listing from London’s main market, while only 18 companies maintained their status, according to the London Stock Exchange Group.

According to CNN, this represents the largest net outflow of companies from the main market since 2009, while the number of new listings is also on track to be the lowest in 15 years, due to the scarcity of initial public offerings on the exchange.

The departures continue despite efforts by the UK government, regulators and the London Stock Exchange to boost the city’s attractiveness by reforming market rules and the local pension system.

Ashtead, an equipment leasing company with a market capitalization of £23 billion ($29.03 billion), is the latest major company to propose moving its primary listing from London to New York this month. Including Ashtead, the combined market capitalization of the companies that have left the market so far is about £280 billion ($353.46 billion), or 14 percent of the current FTSE 100, as of Friday’s close.