By Aby Jose Koilparambil
(Reuters) – Office rental firm IWG Plc is considering moving its listing from London to New York, its CEO Mark Dixon said on Wednesday, a day after the company confirmed it was looking at switching its reporting currency to dollars.
“We are not facing any challenges in London. It is the fact that more than half of our business is U.S.-based and more than half of our profits,” Dixon told Reuters.
“The board is considering, in due course, a possible re-listing if that (New York) is a more appropriate place to be, because the weighting has moved so much to the U.S… and the bulk of our operations are there,” added Dixon.
If IWG’s departure from the London Stock Exchange were to occur, it would be another high-profile exit from the London market.
Plumbing products supplier Ferguson had moved its primary listing to New York last year while CRH, the world’s biggest supplier of building materials, is slated for a similar move next month.
IWG, which has over 4,000 work locations in more than 120 countries, said it has initiated a review of its reporting currency and the potential implications of moving to U.S. accounting standards.
The Times had first reported that IWG was mulling a New York listing.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shailesh Kuber)