Ince Group PLC (The) – INCE – Trading Update

Ince Group PLC (The) – INCE – Trading Update

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 £97m ahead of last year (2020: £96.4m1)

· Net debt as at 31 March 2021 of £7.1m (2020: £6.9m2)

· Available cash and facilities at 31 March 2021 of £10.8m (2020: £5.3m)

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."

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