26 Mar 2020 07:00
26 March 2020
The Ince Group plc
("Ince" or the "Group" or the "Company")
AIM: INCE
Covid-19 update
Dividend cancellation
The Ince Group plc (AIM: INCE), the international legal and professional services company, today provides an update on current and future trading in the light of the global COVID-19 pandemic. The Company currently plans to announce its full year results to 31 March 2020 in early July 2020.
The Board has now concluded that the pandemic of the COVID-19 virus is now having a significant effect on the Group's UK business, having progressively impacted all of the international offices, beginning with Greater China.
In common with most businesses, the Group has reacted to the rapidly changing global scenarios to mitigate the potential impact to our staff and to our business of the pandemic. The Group is closely following and regularly monitoring the advice from the World Health Organization, as well as regional and local government advice, and continues to assess the situation carefully. The health and safety of our clients, staff and partners continues to be of the utmost importance.
Clients' businesses may be also be impacted, with consequent uncertainty about the timing of collection of our fees. The Group is therefore limiting discretionary expenditure except on items to support the immediate ability to meet our clients' expectations and is examining other means of reducing expenditure. We are also exploring the many initiatives announced by the UK Government and will use them wherever commercially sensible.
As a result of these uncertainties, the Board has now concluded that it is not possible to forecast the Group's trading performance during the pandemic. Therefore, the Board can no longer be confident of delivering results which are in line with market expectations either for the current period ending 31 March 2020 or for the year to 31 March 2021.
Given the level of uncertainty about the global economies generally and the impact this will undoubtedly have on cash flows, the Board has in the interests of prudence resolved to cancel the interim dividend due for payment on 16 April 2020. The Board continues to believe that rewards for shareholders who have invested in the business are very important and will review the position with the finalisation of the results for the year ending 31 March 2020.
The Board will make a further announcement to shareholders when the impact and longevity of the COVID-19 pandemic becomes clearer.
Adrian Biles, Chief Executive of the Group said:
"These are unprecedented and challenging times and the welfare of our clients, staff and partners is paramount. We are doing everything we can to ensure that when the pandemic eases we will be well placed to move forward with our growth strategy. The underlying business of the Group is robust and will survive the current turbulence."
FOR FURTHER INFORMATION, PLEASE CONTACT:
The Ince Group plc investorrelations@incegd.com
Adrian Biles, Group Chief Executive
Christopher Yates, Chief Financial Officer
Arden Partners plc
Nominated Advisor and Broker to the Company +44 (0) 20 7614 5900
John Llewellyn-Lloyd, Corporate Finance
Ciaran Walsh, Corporate Finance
Dan Gee-Summons, Corporate Finance
Fraser Marshall, Equity Sales
Portland Communications +44 (0) 20 7554 1789
Steffan Williams ince@portland-communications.com
Simon Hamer
Charlie Harbord
About The Ince Group plc
The Ince Group is an international legal and professional services business with 23 offices in eight countries across Europe, the Middle East and Asia. With nearly 900 people, including over 100 partners worldwide, 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.
Please visit www.theincegroup.com for more information.