Ince Group - FY Results Update Note

With revenue close to £100m, gross margin close to management’s 45% target, and operating costs under control despite the COVID-19 outbreak there was a lot to commend these full year results. Under normal circumstances, where top line (mostly in the UK) cash collection (across the board) hadn’t been impacted by a global crisis we believe these would have represented an unequivocally positive outcome and the share price would have behaved very differently

Read the full note here.