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Tech upgrade delays Smith & Williamson's IPO plans

Smith & Williamson Holdings Ltd. will "not be in a position" to pursue a potential IPO before the second half of 2019, according to Co-CEO David Cobb.

The company cited the "major steps" it is taking to upgrade its technology platform, which is part of its preparations for the potential listing, as a reason for the delay because the process will take time.

Cobb said the U.K.-based financial services provider is "fully focused on creating value for our clients, shareholders and employees by successfully investing to deliver our growth strategy." However, he noted that the firm will continue to prepare for the potential listing and take "all the necessary steps to position the group accordingly."

Smith & Williamson resumed its IPO plan after its exclusive merger talks with Rathbone Brothers Plc collapsed in August.

For the six months to Oct. 31, Smith & Williamson reported adjusted operating profit of £20.5 million, compared to £17.7 million a year earlier. Group operating income grew 10.7% year over year to £130.1 million from £117.5 million.