Gordon Dadds Update - Acquisition of Ince UK & Placing
With the acquisition of Ince UK, Gordon Dadds completes a transformative 2018 and starts 2019 actively with an over-subscribed placing. Ince UK brings over £30.0m of expected annual fee income, a significant addition to the Group's skill-set and the scope for considerable cost synergies. In the last 12 months, it has acquired almost £40.0m of potential new revenue through four acquisitions for a total of £35.0m and an initial outlay of less than £15.0m. This is a testament to the Group's innovative operating model and its attractiveness to both firms and fee earners alike. Given the potential scale of Ince UK, our 2020 forecasts increase substantially while we have also raised our current year estimates to reflect the Ince deal and the growth apparent in the interim results. With £11.5m raised by February 2019, the Group should finish the current year with net cash. Based on our DCF approach, its theoretical value is measurably above the current level.Work Group is a Rule 15 Investing Company (cash shell).
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