Smith & Williamson co-chief executive David Cobb has said the company will not be in a position to list on the stock exchange before the second half of 2019.
In its results for the six months to 31 October, Cobb (pictured) added that the company is continuing to prepare for a listing, following failed acquisition talks with Rathbones earlier this year and is upgrading its technology platform.
The announcement accompanied results for the six month period, which saw growth of 6.4% in funds under management and advice, to £20 billion.
Funds under administration were up 16% over the period to £10.7 billion.
In addition, the business’ operating profits were up 15.8% to £20.5 million while operating income growth rose 10.7% year-on-year to £130.1 million.
In 2018, the company will be focusing on enhancing services in existing regional locations and will look to make senior hires and acquisitions with a focus on brining on board private client investment management and financial planning expertise.
Kevin Stopps, co-chief executive of Smith & Williamson, said: ‘Our strategy will allow us to better respond to, and take advantage of, market conditions and opportunities, including value accretive hires or acquisitions further enhancing our position as a leading adviser to private clients and their business interests.
'We will bring this to life with new programs for client experience, talent and infrastructure.’
Cobb added: ‘Today we are fully focussed on creating value for our clients, shareholders and employees by successfully investing to deliver our growth strategy. In this light, we continue to prepare for a potential listing, and will be taking all the necessary steps to position the group accordingly.
'This preparation, including the major steps we are taking to upgrade our technology platform, will take time, and we anticipate that we will not be in a position to list before the second half of 2019.’