Property service group Connaught has announced it intends to upgrade from AIM to a full stock market listing, writes John Marsden.
The company - which has its West Midlands regional HQ in Bromsgrove - also said in a trading statement yesterday full year results were in line with expectations.
Connaught said it had won £60 million in new contracts, including £45 million worth of Decent Homes work, the Government programme to upgrade housing to a minimum standard by 2010.
The business listed on AIM in 1998 and has seen turnover increase from £55 million in 1999 to £240 million in 2005. The announcement saw shares end up 0.25p to 201.5p.
Its board believes a move to the Official List should provide increased liquidity for shares, widen appeal to investors and enable further growth.
The company anticipates admission after its annual results for the year ending August 31.
Chairman Mark Ticknell said: "AIM has supported Connaught's rapid expansion for many years and we feel it is now time to progress to the Official List to facilitate further growth."
The company said it was on the lookout for acquisitions in the north.
Chief executive Mark Davies said: "We have an environmental business which does estate cleaning on council estates. It's extremely strong in the South-east but less so in the North so if there was a nice platform acquisition we'd have a look."
Connaught also said it has appointed Stephen Hill as finance director, replacing David Wells who stays as deputy finance director and company secretary.
Mr Hill has been corporate finance director of Serco Group since 2002 and was European finance director at Black & Decker.
Chairman Mr Ticknell said: "David Wells has made a significant contribution since his arrival in early 2005, and his in-depth understanding of the business, combined with Stephen's considerable experience of plc finance, will provide us with a very strong finance team to support our rapidly growing and expanding group."
The group will announce its preliminary results on October 30.