Construction group Artisan is planning to exchange its listing on the alternative investment market for a full listing on the London Stock Exchange in the next year.
Finance director Chris Musselle said that the support of institutional investors would determine whether the move went ahead.

He said: "We think that being on the full list may make us more attractive to institutional investors. But a lot depends on how our share price performs and the response we get to the suggestion."

"If we are going to do it, it will probably be in the next year," he added.

The plan to fully list is the second attempt in as many months to entice more investors and raise Artisan's share price. The group last month sold three of its non-core businesses for £2.8m after advice that it would be a better investment if it focused on its core commercial and residential development activities.

Musselle said the move had paid off, with the group's share price stabilising after a long-term downward spiral. He said: "Investors have reacted very well to the sales and this has buoyed the share price." Shares were trading at 11.5p earlier this week.

Musselle made the comments after Artisan posted its results for the year to 31 March. Pre-tax profit more than doubled from £4.1m in 2000 to £9.9m. Turnover jumped 164% to £81.4m after the purchase of Mansfield-based housebuilder Rippon Homes last December and strong organic growth.

Chairman Stephen Dean said Artisan was now a highly focused housebuilding and commercial development group after selling subsidiaries Bickerton Construction, Drivers Construction and Gryphon Estates. Artisan also owns contractor Speymill Contracts, which specialises in refurbishing and building pubs.

Dean said Artisan would also ask shareholders for permission to buy back up to 20% of its shares.

He added that the group planned to open several branch offices in the South-east and would consider further acquisitions and joint ventures.

But Musselle denied reports that Artisan was planning to take over AIM-listed housebuilder Propan Homes. Artisan bought an 11.7% stake in the £10m turnover company in March but Musselle said there were no immediate plans to increase Artisan's holding.

He said: "We haven't increased our shareholding at all. There are no plans to take it beyond where we are now, but one never says never."

He added: "The intention was to take a shareholding and maybe do some joint venture work and see how it develops from there."

Kent-based Propan last week announced a pre-tax profit of £1.9m for the year to 31 March.