The London Stock Exchange (LSE) saw the largest outflow of companies since the global financial crisis during last year, according to the audit and accountancy company EY.
The LSE lost 88 companies, which chose to move their primary listing to another market or delist completely. Many of the leavers cited falling liquidity and lower valuations as the reasons for departure, as they sought green pastures, particularly in the US.
Takeaway giant Just Eat, gambling company Flutter, travel group Tui, and equipment rental company Ashtead all announced plans to abandon the LSE last year. Flutter took its primary listing to New York, where it said could access the “world's deepest and most liquid capital markets”. Just Eat dumped the LSE altogether complaining about the “administrative burden, complexity and costs” associated having its main market listing in London.
“Ongoing geopolitical instability, slow economic growth and a diminished appetite for domestic equities among pension funds have impacted valuations and liquidity,” said Scott McCubbin, EY's IPO lead for the UK and Ireland. “We also saw the largest outflow of companies from the main market since the global financial crisis as companies sought access to a deeper pool of investors and the prospect of improved liquidity on other exchanges.”
Mergers, acquisitions and private equity
But while the outflow of companies made headlines in the UK financial press describing a great flight from the London market, some analysts pointed out the majority of the delistings were down to mergers and acquisitions, rather than an overwhelming desire to jump into the bigger liquidity pools on the other side of the Atlantic.
“Nearly 50 were taken over, at an average premium of 45 per cent,” Russ Mould, investment director at AJ Bell told The National. “All that says to me is that either trade or financial buyers thought that there was value to be had in London-listed assets and they acted accordingly by buying them, and it is hard to see that as a negative, since the price or valuation paid is the ultimate arbiter of investment return.”
Indeed, EY's research showed 18 companies listed on the LSE last year, raising £3.4 billon – a 256 per cent increase on 2023. In addition, the final quarter of last year saw a big increase in the number of companies joining the LSE either through initial public offerings (IPOs) or share listings. Of the 18 companies that floated on the LSE last year, eight did so in the fourth quarter, including the French media giant, Canal+, which having raised £2.6 billon was the LSE's largest share listing in two years.
A spokesman for the UK Treasury said IPOs like that of Canal+ “demonstrate confidence in our capital markets”.
“We want to continue attracting exciting businesses to the UK. That's why we are creating pension megafunds to unlock billions of pounds of potential investment for businesses, as well as backing the largest overhaul of UK listings rules in decades,” he added.
Subdued global markets
The LSE's performance also needs to be viewed in the context of other stock markets across the world. EY's research showed IPO volumes fell 10 per cent around the world – the global IPO market saw 1,215 deals, raising $121.2 billon last year, which was about 4 per cent lower than 2023. India claimed the top slot for the number of stock market flotations with 327 deals, while the US markets regained the leading position in terms of capital raised from IPOs, with proceeds from new listings coming in at $27.6 billon last year.
Meanwhile, stock markets in the Asia-Pacific region saw a 35 per cent decline in the number of deals and a 51 per cent fall in IPO proceeds compared to 2023. EY said this was largely driven by tighter regulations in China, where the market saw its weakest IPO numbers in a decade. Likewise, the Australian stock market recorded its sharpest decline in IPO volumes in more than two decades.
Nonetheless, despite a few disappointments, including the recent move by the Lloyd's of London underwriter Aspen Insurance to seek a listing in New York rather than London, some analysts are hopeful the London market will see an sharp rise in IPO activity in 2025. “As we enter 2025, there are reasons for cautious optimism,” Mr McCubbin said. “A stabilised domestic policy environment post-election, robust pipeline of deals, and listings reform are creating opportunities to restore London’s competitiveness, which could drive a rebound in activity in H1 2025. Businesses eyeing IPOs will be closely watching the market to time their public offerings effectively.”
Others are more guarded and point out that the reforms to regulations which started under the previous Conservative government still need to be realised. In addition, a particular bugbear for those working the London stock market remains the transactional tax, stamp duty, which is applied on the buying of shares in the UK.
“Market participants have long been calling for the playing field to be levelled in order to attract more business to the UK, not least of which is the anachronistic level of stamp duty applied to the purchase of UK shares where, by comparison, nothing is charged for the purchase of US shares, even for UK investors,” Richard Hunter, head of markets at Interactive Investors told The National.
“The simple truth is that this is a market in need of concentrated attention and renewal. It remains debatable as to whether the minimal steps made to date by the authorities will have the desired effect, or whether rather more revolutionary rather than evolutionary measures are required. While there may have been signs that the UK is beginning to position itself as a more attractive investment destination, given the strength of the opposing tide, it is far too early to call anything like a full-blown recovery,” he added.
How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
The White Lotus: Season three
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Dust and sand storms compared
Sand storm
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- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
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if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
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- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
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Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
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2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
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Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Silent Hill f
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The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
The specs
Engine: Four electric motors, one at each wheel
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The five pillars of Islam
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
