Sources within the firm said that discussions about an IPO were not at a stage that would suggest it could be deliverable within the next few months. ‘If it’s not ready now it’s unlikely to be ready this autumn,’ said one insider.

Others had previously suggested that the decision to float would be dependent on the firm’s April 2007 year-end results. Easter was expected to give a better indication of whether the firm was ready to list.

The firm’s next annual report is expected to provide more details of the firm’s IPO plans. Last year’s report was released in September, but no publishing date for the 2007 report has been fixed.

City analysts said they had heard nothing about S&W’s plans in recent months.

‘We had earlier heard rumours but nothing more,’ said Ben Archer, analyst at Charles Stanley. ‘The [accountancy] market’s slightly choppier, but they shouldn’t have an issue with that.’

A source close to the firm’s management said the firm was ‘still focused’ on pursuing a listing. ‘It will depend on market conditions,’ said the source.

S&W was unavailable for comment.