Jessica Fino 18 Dec 2018 11:09am

Smith & Williamson delays stock market listing

Mid-tier firm Smith & Williamson has announced delays in its management systems have pushed back its listing on the stock market

In its half-year report, the firm said it has experienced setbacks in the implementation of its practice management system for professional services.

As a result, its stock market listing, which was planned to happen in the second half of 2019, won’t happen until 2020.

The firm said, “Our work on governance, business structure and new systems is an essential part of our plan to seek a stock market listing in due course.

“Having reviewed our progress to date and taking account of the work still to be done, it is likely that our plans will not come to fruition until 2020.”

However, the firm said its profits rose 6% during the first six months of 2018 to £21.8m, while its operating income grew 3.6% to £134.8m.

Smith & Williamson said its group profits have been boosted by the release of a provision of £3.5m, which has been put aside in 2016 as a result of HMRC enquiries concerning the treatment of client relationship payments and the amortisation of intangible fixed assets.

The firm announced these matters been concluded and the provision was no longer required.

The firm also said it now has £20.1bn funds under management and advice.

Kevin Stopps, co-chief executive, said, “Our performance further emphasises the value of our business model and the strength of our client relationships.

“We regard current market uncertainties as an opportunity for us to reinforce those relationships further, while guiding our clients through any difficulties and helping them to maximise their financial potential.”

In September, non-executive director John Harley resigned from the firm “for personal reasons”, it was then reported that Harley pleaded guilty to one charge of harassment at Hastings Magistrates Court.

The firm said it is currently searching for his successor, with a view to an appointment in the first quarter of 2019.