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Ince merger pays dividends for Gordon Dadds as revenue and profit skyrocket post acquisition

Gordon Dadds has posted a pace-setting set of results that have seen revenue and profit soar thanks to the addition of Ince & Co last year.

The listed entity, Gordon Dadds Group Plc, saw revenue boosted 69% from £31.2m to £52.6m following its £43m acquisition of Ince. It is a positive set of results that come after the business suffered a share price drop to an all-time low only three months ago.

Profits increased by 73% to £15.2m from £8.8m and earnings per share saw a 79% surge as dividend per share increased 50%. The firm has also reduced debt from £8.4m to £2.9m. The business reported a non-recurring cost of £14.3m for acquisitions, including Ince’s Chinese business at the start of the year, which marked the completion of Ince’s integration.

Chief executive Adrian Biles (pictured) told Legal Business: ‘All of our areas have seen plenty of activity. There’s an awful lot happening in the Strait of Hormuz and depending on what happens that obviously might well affect the shipping market. We’re looking to capitalise on those areas in which we are already a market or world-leader and offer more. Since we put the two businesses together, we’ve greatly increased the range of services that we offer to our clients.’

The group operates from eight jurisdictions in Europe, the Middle East and Asia and recently opened a London office in the Lloyds insurance market to improve its insurance offering. The listed firm reported no partner or client losses during and since its acquisition period and announced the lateral hires of three partners to its Hong Kong office.