Profit has more than tripled at stock exchange listed firm Ince, the practice created when Gordon Dadds acquired Ince & Co last year, in spite of ‘buffeting political headwinds’.
According to the firm’s unaudited interim results for the six months to 30 September 2019, adjusted profit before tax grew by 264% compared with last year, from £1.1m to £4m. Revenue also more than doubled, rising from £20.1m to £45.3m.
Adrian Biles, group chief executive, said: ‘These strong results are a vindication of our strategy. They are the product of the new international platform we have developed under the Ince brand. We remain on track to deliver c.£100m of annualised revenue in the current financial year, even with political headwinds buffeting some key markets across the globe.
‘The second half of the year traditionally provides the majority of the group’s profits and the lateral appointments we have made will largely show through next year.’
Gordon Dadds bought the City practice Ince & Co last December for £27.3m. Ince Gordon Dadds then rebranded as Ince in May following an internal review. In July Ince published upbeat annual results – reporting huge increases in profit and revenue – but revealed it had to spend £14.3m to take over the Ince business at the start of 2019, resulting in net borrowings of £2.9m
In an effort to broaden its legal and professional offerings, Ince has also hired a new head of global consulting. Mark Tantam, a barrister and former partner at Deloitte, will expand the services available to clients.