Chief executive Mark Tincknell said: "We feel it is better to be a big fish in a small pond – there is no need to change, the way the market is. All a move would do at the moment is increase costs because of more rules for compliance."
Tincknell added that a full listing was unlikely to be beneficial until the end of next year.
Tincknell made his comments after the announcement this week of Connaught's half-year results to 28 February.
Pre-tax profit rose 40% on the comparable period last year to £1.7m. Turnover climbed 40% from £54.1m to £77m.
Connaught's order book stands at £610m, a rise of £220m relative to last year.
Tincknell said that the strong order book would lead to significant organic growth in 2003.