Lorien, the IT Resourcing and Specialist Services Group, is to cancel its main listing on the London Stock Exchange and switch to the Alternative Investment Market to cut costs.

The company will hold an extraordinary general meeting on 25 May to approve the move.

For the year to 27 November, Lorien’s turnover on continuing operations was £129.1m, up from £121.6m a year earlier. It made a loss before tax of £0.2m

The company said the move to AIM, apart from the lower costs, “will also enable the company to agree and execute transactions more quickly should any acquisition or other development oppportunities arise in the future.”