TIDMINCE

RNS Number : 2316W

Ince Group PLC (The)

22 April 2021

The Ince Group PLC

("Ince" or the "Group")

Trading Update

Continuing progress despite impact of pandemic

Ince, the London-based international legal and professional services group, today announces the following update on its full year performance for the year ended 31 March 2021.

Highlights:

   --    Revenue of GBP97m ahead of last year (2020: GBP96.4m(1) ) 
   --    Net debt as at 31 March 2021 of GBP7.1m (2020: GBP6.9m(2) ) 
   --    Available cash and facilities at 31 March 2021 of GBP10.8m (2020: GBP5.3m) 

Summary:

   --    Overseas offices continued their organic revenue growth trend. 

-- UK revenue recovered from the levels seen in April and May last year and subsequent like-for-like performance across the majority of sectors was broadly flat. As restrictions are eased, confidence and market activity levels are beginning to improve again.

-- Recently announced two initiatives with market leading technology suppliers to drive additional revenue.

-- New medium-term financing facility announced on 29 March 2021 provides stable base and flexibility to manage future cash flow requirements on a Group-wide basis.

-- First of the international offices migrated onto the proprietary practice management system and work on the migration of other international offices is underway. This will facilitate central management, improve real time data reporting and analysis across the Group and enable a reduction in overheads.

-- The Board will review the payment of a dividend and future policy with the announcement of results for the year ended 31 March 2021.

Adrian Biles, CEO of Ince, said:

"We are very pleased with what has been achieved in the last year and with the resilience of the business and its operations. This is due to the hard work and commitment of our people.

"The outlook for the current year is positive as travel and other restrictions continue to ease. Remote working is long established at Ince and we expect it to continue to some degree going forward but we regard the return to the office on a more regular basis as an important feature of the business.

"Ince remains well set on its growth trajectory."

1. Prior year revenue is presented excluding revenue from subsequently discontinued operations

2. Net debt is presented excluding a one off in-year operating cost loans in respect of certain insurances in 2020

Enquiries:

 
 The Ince Group plc                      investorrelations@incegd.com 
  Adrian Biles, Group Chief Executive 
  Simon Oakes, Chief Financial 
  Officer 
 Arden Partners plc 
  Nominated Advisor and Broker 
  to the Company 
  John Llewellyn-Lloyd, Corporate 
  Finance 
  Dan Gee-Summons, Corporate Finance 
  Simon Johnson, Equity Sales            +44 (0) 20 7614 5900 
 Williams Nicolson                       +44 (0) 7767 345 563 
  Media enquiries                         ince@williamsnicolson.com 
  Steffan Williams 
  Fraser Schurer-Lewis 
 

About The Ince Group PLC

The Ince Group is a dynamic international legal and professional services business with offices in nine countries across Europe, Asia and the Middle East. With over 700 people, including over 100 partners worldwide, The Ince Group delivers legal advice, strategic guidance and business solutions to clients ranging from the world's oldest and biggest businesses operating across numerous industries to ultra-high net worth individuals. Through its entrepreneurial culture and "one firm" approach, the business offers its clients over 150 years of experience, insight and relationships. The Group is driven by a unique team of passionate people whose broad expertise and deep sector specialisms provide their clients with solutions to all their complex legal and strategic needs.

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April 22, 2021 02:00 ET (06:00 GMT)