A Bradford-based business is set to apply for admission to the Alternative Investment Market (AIM) - which it hopes will raise £3 million.

PM Group plc, which designs, manufactures and services on board vehicle weighing systems for the bulk haulage and waste management industries, says the move will aid expansion.

The firm says the move will generate funds to equip a new larger manufacturing facility in Bradford, develop its sales infrastructure and set up funds for product development.

The firm, which has a strong UK presence, aims to expand in Europe and develop further into the waste management market.

PM Group, which has a turnover £2.1 million, estimates a potential market size for on board vehicle weighing systems in the waste management sector of between £4.5 million and £22.5 million in the UK.

It believes Europe has a potential market worth between £27 million and £135 million.

The firm says steady growth is due to its strong position in its core markets and a quality customer base, which includes vehicle manufacturers, municipal authorities and international waste management operators.

Geoff Mountain, chief executive of PM Group, said: "The use of on board vehicle weighing systems is growing.

"We have been operating in this market for over 15 years and have consistently seen year on year growth driven by legislation and an increasing need for accuracy.

"In particular, the current directives aimed at waste management, reducing landfill and increasing recycling, are driving rapid growth in this area which is set to continue well into the future."

Mr Mountain co-founded the PM Group in 1985.