Revenues at AIM-listed firm The Ince Group have soared following its acquisition of the now-insolvent Ince & Co, it announced in its half-year results today.

Its revenues more than doubled in the six months to September 30, 2019, to reach £45.3 million, the firm said in an announcement via the London Stock Exchange. 

Meanwhile, profits before tax grew even faster to hit £4 million, compared with £1.1 million in the same period last year.

On the back of this growth, the firm's chief executive Adrian Biles said he expects the firm's annualised revenue to hit £100 million by March 31 next year.

The firm has, however, taken on debt of £10.4 million during the period, to fund "working capital", "successful lateral hires" and "the costs of integrating the Ince business".

Following the announcement, Ince's share price peaked at 127p, but dropped to the previous day's closing price of 125p by 10.25am GMT.

The Gordon Dadds Group rebranded to The Ince Group earlier this year, maximising the brand recognition of the now-insolvent Ince & Co.

Biles also attributed much of the firm's overall growth to its recent acquisitions, having made five during the course of year, as well as a series of senior hires.

On announcing its financial results, the firm also announced the appointment of former Deloitte veteran Mark Tantam as global head of consulting. It is a new position for the group and "reflects its plan to broaden its offering from legal and professional services into a wider range of business solutions", according to the statement.

His hire follows that of new senior partner Julian Clark, formerly global head of shipping at Hill Dickinson, and Alexander Janes, a former global managing partner of Orrick, Herrington & Sutcliffe, who joins as head of Europe, Middle East and Africa.

Biles said he expects the firm to continue its run of senior hires and acquisitions, of which there have been 20 during the lifetime of the firm since legacy Gordon Dadds listed in 2017.

Speaking to Law.com's UK arm, Legal Week, Biles said the firm had been able to "overcome most challenges" it has faced, adding that its new office in the Lloyd's building has afforded the firm "great exposure to the Lloyd's insurance market".

The firm has also added three partners in Hong Kong and expects its China and Singapore operations to develop further during the course of the year. 

Biles also lauded the firm's ability to attract senior talent "without using recruitment consultants", adding: "We find personal relationships are better."