11 Oct 2022 07:00
11 October 2022
The Ince Group plc
("Ince", the "Company" or "Group")
Cost rationalisation programme update
The Ince Group plc (AIM: Ince), which provides legal, financial services, consulting, and pension advice services, announces that it has now implemented the annual cost savings of £4.0 million, identified in its announcement of 28 July 2022, as well as an additional approximately £1.0 million. This includes the recent agreement of a short term lease, lasting until April 2024, for a single floor office space at the Group's headquarters at Aldgate Tower.
These cost savings are incremental to the previously announced annual cost savings of £2.2 million that had been achieved prior to the recent fundraise. As a result, the Group has now taken action to reduce its annual run rate cost base in total by at least £7.2 million.
Donald Brown, Chief Executive Officer of The Ince Group plc, said: "This is another important step on our journey to rationalising the cost base of the Group to fit its true needs. New management has been successful in meeting our targets and has renewed our relationship with the landlord of Aldgate Tower and agreed a lease that allows us to focus on driving our core business forward at this important time without the added pressures of a full scale office relocation. I look forward to providing further updates on the business rationalisation and strategy we are implementing at the time of publication of our Annual Report."
Enquiries:
The Ince Group plc | |
Donald Brown, Chief Executive Officer | investorrelations@incegd.com |
Simon Oakes, Chief Financial Officer | |
Allenby Capital Limited - Nominated Adviser | +44 (0) 20 3328 5656 |
Jeremy Porter / Piers Shimwell, Corporate Finance | |
Arden Partners plc - Broker | +44 (0) 20 7614 5900 |
John Llewellyn Lloyd, Corporate Finance | |
Louisa Waddell, Corporate Finance | |
Simon Johnson, Equity Sales | |
About The Ince Group plc
The Ince Group is a dynamic international legal and professional services business with offices in nine countries across Europe, Asia and the Middle East. With over 700 people, The Ince Group delivers legal advice, strategic guidance and business solutions to clients ranging from the world's oldest and biggest businesses operating across numerous industries to ultra-high net worth individuals. Through its entrepreneurial culture and "one firm" approach, the business offers its clients over 150 years of experience, insight and relationships. The Group is driven by a unique team of passionate people whose broad expertise and deep sector specialisms provide their clients with solutions to all their complex legal and strategic needs.