Plant hire company Andrews Sykes is poised to move from the Full List to Aim in November, so that chairman JG Murray can continue with his share buy-back programme. Chief executive Robert Stevens explains that 'we've reached the stage where the chairman owns so much of the company that we really have to move across'. Murray began buying into the stock more than a year ago and currently holds 63.5% of the company. This stake, according to Stevens, is likely to top 70% in the near future. Hugh Davis from the UK Listing Authority commented that there is no specific level at which a company would be asked to move across. However, he did express that there may be some concern if a company's free float - the number of shares not controlled by its directors - fell below 25%. The move to Aim is also expected to result in a simplification in reporting requirements, thus reducing costs for the group. At the interim stage Sykes, a provider of pumping, air conditioning and ventilation equipment, appeared to be in good shape with pre-tax profits up 178% at £6m (mostly on account of a £3.2m goodwill write-off made in the comparable period last year). Sales were slightly easier at £42.2m (£43.9m). Despite the clearing of goodwill payments Stevens remains cautious about the company's immediate future, concluding that 'the summer came to a premature end, so the second half is likely to be difficult'.

Andrews Sykes	AIM	£37.63m	85.00p	0.00p
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