The number of companies leaving AIM has dropped to its lowest level since the financial crisis, but the unlisted market is attracting fewer new entrants, according to research by UHY Hacker Young.

The firm's research shows that just 14 companies exited AIM in Q1 2013, while only 79 have quit the junior market in the past year, substantially less than the 257 that left in 2008/09 at the peak of the crisis.

UHY Hacker Young's study also shows that the proportion of companies departing AIM due to financial difficulties is declining. Only 14% of departures in Q1 2013 were due to financial insolvency and stress, a decrease from the 23% in the preceding quarter. Meanwhile, over a third (36%) of departures in Q1 2013 were due to mergers and acquisitions, up from the 32% in the previous quarter.

Laurence Sacker, UHY Hacker Young partner, said both these trends were signs of the market's improving health, but warned that there is still only a very modest level of capital being raised by new companies.

There were nine new entrants to AIM in Q1 2013, the lowest number for a year, and they raised £69m, considerably below the £270m raised by the 12 new listings in the final quarter of Q4 2012, according to the firm's analysis.

Sacker said: 'It is concerning that there seems to be little enthusiasm among small or medium sized businesses in the UK or internationally to use AIM to support expansion or the kinds of new investments needed if we are to have a sustained recovery.'