Ince Group Financials Published

The international legal and professional services firm, The Ince Group, which operates in 9 countries and has a specalist insurance services, and marine divisions, has this morning published its interim unaudited results for the six months to 30 September 2020.

The RNS can be accessed here, with the full results attached. A summary of the results is below:

Financial highlights include:

Revenue up 6% to £48.2m, a strong performance given the impact of Covid-19

·                Adjusted profit before tax of £2.52m, up from £0.15m

·                Organic growth over last year approximately 3%

·                Adjusted earnings per share increased to 3.1p (2019 loss of 3.9p)

·                Net debt at the period end of £8.3 m (31 March 2020 – £9.0 m) – reduced on schedule and after paying deferred consideration of £4.9 m

·                Further cost savings implemented throughout the period with over £1m to recur

Operational highlights include:

·                International offices’ revenues all increased reflecting re-invigoration with new partners and continued expansion of services

·                UK legal practice has rebounded well from the initial Covid-19 downturn with recent months’ revenues close to last year’s

·                Further geographical expansion:

o     New office established in Cyprus staffed by team from an established business

o     New regulated consultancy opened in Abu Dhabi

·                Lateral and team hires who have joined are increasing their revenues

·                Law firm management strengthened with new Global Senior Partner and new Managing Partner – UK and Managing Partner – International

·                Remote working ability readily enhanced and extended to all staff, allowing flexibility for future operation 

·                New practice management system developed and owned by the Group rolled out in the UK and ready to be rolled out in other locations when travel for training allows