reports
- Oliver Juggins
Ince Group - Quick Take - FY21 (To 31/03/21) Full Year Results
Confirmation of a strong year in tough circumstances Ince has achieved a significant result in FY21, with revenue breaching £100m, new offices having been opened in Cyprus and Abu Dhabi, the fee-earning team having expanded materially, and its proprietary practice management system having been rolled out across most of this large global group. COVID has clearly had an impact on some aspects of its financial performance, but we believe it has been navigated well, and Ince is now positioned to ...
- Oliver Juggins
Ince Group - Explainer Note 2 - Deferred Consideration
Complex accounting, made simple. Following on from our Explainer Note 1, which covered Partner Remuneration, we now investigate the Deferred Consideration entry in the balance sheet. Based on our discussions with investors and the company, this is a point that requires clarification. By removing this (and other) impediment(s) to understanding Ince's operations and finances we hope that market participants will be better placed to value this company on its many merits and consider only true ...
- Oliver Juggins
Ince Group - Quick Take - FY21 Trading Update
Ince has released a trading update covering its financial year ending 31st March 2021. Revenue was slightly ahead YoY at £97m (FY20: £96.4m net of discontinued operations) and net debt was broadly flat at £7.1m (FY20: £6.9m). As a result of its new debt facilities, Ince has cash and headroom totalling £10.8m (FY20: £5.3m) with which to pursue its growth strategy. A dividend payment is under review and the outcome of this, as well as future policy, will be announced with the full year results.
- Oliver Juggins
Ince Group - Quick Take - New Banking Agreement
Ince has announced a new banking agreement with Investec Bank plc., replacing its prior agreement with Barclays. This latter consisted of a £4.2m balance remaining on the term loan and a £6.5m revolving credit facility (RCF) – both of which were repayable at the end of December this year. These new facilities with Investec should be beneficial to Ince, as they reflect its new profile as a growing international business services firm:
- Oliver Juggins
Ince Group - Interim Trading Update
Ince has generated a robust performance through this crisis, finishing the first half of its 2021 financial year with revenues 6% ahead YoY (o/w 3.6pp organic). This run rate brings the business achingly close to its pre-crisis £100m revenue target given the usual seasonality favours the second half. Whilst management offer no guidance, we are willing to go out on a limb and forecast revenue just shy of £100m on the basis of limited further COVID restrictions being put into place and comments th...
- Oliver Juggins
Ince Group: Explainer Note – Partner Remuneration
We have today released a new note on The Ince Group plc - this is the first of a series of "explainer notes" that take an in-depth look at the various aspects of the Ince investment case our investors have told us require more clarification. This edition examines the partner remuneration model - the headline for which is that this isn't discretionary bonus, it's more of a revenue share that partners are given in lieu of pay. Thus their remuneration is entirely variable, rather than representin...
- Oliver Juggins
Ince Group - AGM Trading Update - On Track & Resilient
Management confirmed that Ince is on track to meet the expectations the board set in July when the annual accounts were signed off, and that it is confident in its positioning to take advantage of a return to normality. As we discussed in our Full Year Results Note, the balance sheet is strong enough to carry the business through another winter of turmoil, should it come to that. Lateral hires in the UK and abroad have continued apace, with new partners starting to generate revenue in the peri...
- Oliver Juggins
Ince Group - Full Year Update Note
With revenue close to £100m, gross margin close to management's 45% target, and operating costs under control despite the COVID-19 outbreak there was a lot to commend these full year results. Under normal circumstances,where top line (in mostly in the UK) cash collection (across the board) hadn't been impacted by a global crisis we believe these would have represented an unequivocally positive outcome and the share price would have behaved very differently.
- Oliver Juggins
- Scott Fulton
Gordon Dadds - Full Year Update Note
FY 2019 closed with the acquisition of Ince UK and FY 2020 opened with the consolidation of the international offices and the acquisition of Gibraltar-based Ramparts, both of which further validate the exciting potential of the Gordon Dadds business model. What these results clearly demonstrate is that Gordon Dadds has built itself a solid global footprint, and has the capability and desire to further strengthen their offering in each of their 8 jurisdictions, both through acquisitions and by h...
- Oliver Juggins
- Scott Fulton
Gordon Dadds Update - Acquisition of Ince UK & Placing
FY 2019 closed with the acquisition of Ince UK and FY 2020 opened with the consolidation of the international offices and the acquisition of Gibraltar-based Ramparts, both of which further validate the exciting potential of the Gordon Dadds business model. What these results clearly demonstrate is that Gordon Dadds has built itself a solid global footprint, and has the capability and desire to further strengthen their offering in each of their 8 jurisdictions, both through acquisitions and by h...
- Oliver Juggins
- Scott Fulton
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 inn...
- Scott Fulton
Gordon Dadds Update - Much more to come
Gordon Dadds' final results for the year to March 2018 beat our forecasts and those of the market. Given the pace of growth, and the phasing of acquisitions which supported it, the potential for further gains stands out. It has been able to translate a near 26% gain in revenue into strong improvements in earnings, culminating in a debut dividend ahead of our estimates and a strong net cash position. Tellingly, Gordon Dadds is signalling “significant further growth†from acquisitions and, cri...
- Scott Fulton
Gordon Dadds Update - Proof of Concept
The acquisition of CWE and the recent interim results demonstrate the attractiveness of the Gordon Dadds' model to both professional service providers and shareholders. In our view, CWE is immediately accretive to earnings and limited in balance sheet impact. By the company's own admission, CWE is almost unique, but we gain the impression that others are in the pipeline. The detail of the interim results supports our new forecasts without further acquisitions.
- Scott Fulton
Gordon Dadds Initiation Note - Legal Ease
Gordon Dadds offers investors near-unique access to a nascent but exciting legal services opportunity. Focused on small to mid-ranked legal partnerships, the company allows legal professionals to work within a more efficient structure; both operationally and financially. Its success in securing both lateral hires and firms to join its operation has been impressive but, coupled with considerable relative financial strength, it is likely that this growth could accelerate over the coming three year...
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