Board Change • Apr 13
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Chairman Simon Howard is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jan 18
Zeus Capital Limited acquired Arden Partners plc from The Ince Group plc (AIM:INCE) for £3 million. Zeus Capital Limited entered into an agreement to acquire Arden Partners plc from The Ince Group plc (AIM:INCE) for £3 million on November 16, 2022. Ince will receive consideration of £1.0 million, payable in cash on completion of the Disposal, on the basis of, inter alia, there being £1.0 million of free cash in Arden and no material outstanding debt. In addition, there will be earnout consideration payable by Zeus of up to £2.0 million based on certain Arden revenues received by Zeus in the three months following completion of the Disposal. As of January 3 2023, the transaction has received FCA approval. As of January 12, 2023, the board of directors of the Ince and Zeus are agreed and announced completion date and the Disposal is expected to complete on January 16, 2023. Allenby Capital Limited acted as a financial advisor to Ince Group.
Zeus Capital Limited completed the acquisition of Arden Partners plc from The Ince Group plc (AIM:INCE) on January 16, 2023. Board Change • Dec 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Chairman Simon Howard is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Sep 15
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Chairman Simon Howard is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 27
Price target decreased to UK£0.91 Down from UK£0.99, the current price target is provided by 1 analyst. New target price is 314% above last closing price of UK£0.22. Stock is down 71% over the past year. The company posted earnings per share of UK£0.018 last year. Price Target Changed • Feb 22
Price target decreased to UK£0.91 Down from UK£0.99, the current price target is an average from 2 analysts. New target price is 214% above last closing price of UK£0.29. Stock is down 55% over the past year. The company posted earnings per share of UK£0.018 last year. Reported Earnings • Dec 11
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: UK£0.026 (up from UK£0.024 in 1H 2021). Revenue: UK£49.9m (up 4.8% from 1H 2021). Net income: UK£1.76m (up 7.6% from 1H 2021). Profit margin: 3.5% (up from 3.4% in 1H 2021). Revenue exceeded analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 9.0%, compared to a 11% growth forecast for the industry in the United Kingdom. Board Change • Nov 30
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. CEO, Managing Partner & Director Adrian Biles is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. CEO, Managing Partner & Director Adrian Biles is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Oct 30
Insider recently bought UK£97k worth of stock On the 27th of October, Emily Cox bought around 200k shares on-market at roughly UK£0.49 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Oct 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. CEO, Managing Partner & Director Adrian Biles is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. CEO, Managing Partner & Director Adrian Biles is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 14
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Non-Executive Director Simon Howard was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 13
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Non-Executive Director Simon Howard was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 07
Full year 2021 earnings released: EPS UK£0.018 (vs UK£0.11 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: UK£100.2m (up 4.0% from FY 2020). Net income: UK£1.25m (down 73% from FY 2020). Profit margin: 1.2% (down from 4.9% in FY 2020). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Executive Departure • Aug 03
Non-Executive Director Peter Rogan has left the company On the 26th of July, Peter Rogan's tenure as Non-Executive Director ended after 2.6 years in the role. We don't have any record of a personal shareholding under Peter's name. Peter is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.54 years, which is considered inexperienced in the Simply Wall St Risk Model. Price Target Changed • Jul 28
Price target increased to UK£0.96 Up from UK£0.88, the current price target is an average from 2 analysts. New target price is 41% above last closing price of UK£0.69. Stock is up 152% over the past year. Reported Earnings • Jul 28
Full year 2021 earnings released: EPS UK£0.018 (vs UK£0.12 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: UK£100.2m (up 1.8% from FY 2020). Net income: UK£1.25m (down 74% from FY 2020). Profit margin: 1.2% (down from 4.9% in FY 2020). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 04
New 90-day high: UK£0.68 The company is up 92% from its price of UK£0.35 on 04 December 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£15.98 per share. Announcement • Feb 03
Ince Group PLC Announces New Venture with Mission Secure Inc Ince Group PLC announced a new venture with Mission Secure Inc. The venture signals the development by newly established InceMaritime (100 per cent. owned by Ince), of a first of its kind integrated legal advisory, business consultancy and technology offering for the maritime sector. Beginning with cyber security, over the course of 2021 InceMaritime plans to launch further managed service solutions in key areas for the maritime industry. This comes at a crucial time of unprecedented change and regulatory transformation for businesses in the maritime sector. The launch of InceMaritime is founded on an understanding of the increasing complexities of the maritime industry and the need to provide fully integrated and all-encompassing solutions that enable organizations to respond to the challenges facing the sector. This requires collaboration between industry partners with specialist expertise, and the creation of transparent ecosystems that can protect ship owners and operators, and help them thrive in a transforming market. InceMaritime will provide clients with a fully integrated cyber security offering that protects on-shore and on-vessel OT networks, safeguards operations, and ensures compliance and business continuity. The joint proposition comprises: full audit of a company's existing policies to ensure compliance in line with the new ISM Code for Cyber Security Guidelines (IMO 2021). The implementation of the patented Mission Secure Platform, the first integrated platform built for OT cyber protection, which is designed to harden vessels' control systems networks against cyber threats. The deployment of Mission Secure Managed Services, providing 24/7 cyber security monitoring, threat hunting, and incident response support to ensure continual vessel resilience for ship owners and managers. Legal and crisis management services in the event of a cyber attack. The integrated offering will provide ship owners, operators and managers with complete reassurance that the significant operational, commercial and compliance risks that they face from the impact of cyber attacks are mitigated. With 92%* of estimated costs arising from cyber attacks being uninsured, and the access and limits of cover often restricted, it is intended that owners and operators who sign up to the new service will benefit from better insurance terms and preferential premiums. In addition, P&I Clubs and insurance companies will also benefit from a reduction in potential claims. The launch of Ince and Mission Secure's cyber security offering comes at a critical time for the industry. From 1 January 2021 onwards, all ship owners and managers must ensure that systems and management for handling cyber security risks are incorporated into vessels' safety management systems (SMS) from the date of the next annual audit of the SMS. This requirement to be verified is mandated by IMO and enforced by Port State Control. Despite this, many organizations are not ready for compliance or don't fully appreciate the full impact and the threat of cyber attacks; meaning their operations are ripe for a cyber attack and exposed commercially, as well as failing to comply with the new regulations, creating a real risk of Port State Control detention. Is New 90 Day High Low • Feb 03
New 90-day high: UK£0.52 The company is up 171% from its price of UK£0.19 on 04 November 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£14.04 per share. Is New 90 Day High Low • Dec 29
New 90-day high: UK£0.41 The company is up 85% from its price of UK£0.22 on 30 September 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£13.04 per share. Reported Earnings • Dec 02
Second quarter 2021 earnings released: EPS UK£0.011 The company reported a soft second quarter result with weaker earnings and profit margins, although revenues were improved. Second quarter 2021 results: Revenue: UK£24.1m (up 6.3% from 2Q 2020). Net income: UK£737.0k (down 25% from 2Q 2020). Profit margin: 3.1% (down from 4.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Announcement • Nov 26
The Ince Group plc to Report First Half, 2021 Results on Dec 01, 2020 The Ince Group plc announced that they will report first half, 2021 results on Dec 01, 2020 Is New 90 Day High Low • Nov 16
New 90-day high: UK£0.25 The company is up 8.0% from its price of UK£0.23 on 18 August 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 4.0% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: UK£0.21 The company is down 23% from its price of UK£0.27 on 17 July 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is up 2.0% over the same period. Is New 90 Day High Low • Sep 29
New 90-day low: UK£0.22 The company is down 32% from its price of UK£0.32 on 01 July 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is flat over the same period. Price Target Changed • Sep 24
Price target lowered to UK£1.12 Down from UK£1.22, the current price target is an average from 2 analysts. The new target price is 396% above the current share price of UK£0.23. As of last close, the stock is down 81% over the past year. 
