Ince Group PLC (The) Cost rationalisation programme update (4084C)

TIDMINCE

RNS Number : 4084C

Ince Group PLC (The)

11 October 2022

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 GBP4.0 million, identified in its announcement of 28 July 2022, as well as an additional approximately GBP1.0 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 GBP2.2 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 GBP7.2 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        [e-mail] 
 Simon Oakes, Chief Financial Officer 
 
 Allenby Capital Limited - Nominated 
  Adviser                                     [phone] 
 Jeremy Porter / Piers Shimwell, Corporate 
  Finance 
 
 Arden Partners plc - Broker                  [phone] 
 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.

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October 11, 2022 02:00 ET (06:00 GMT)