Ince has generated a robust performance through this crisis, finishing the first half of its 2021 financial year with revenues 6% ahead YoY (o/w 3.6pp organic). This run rate brings the business achingly close to its pre-crisis £100m revenue target given the usual seasonality favours the second half. Whilst management offer no guidance, we are willing to go out on a limb and forecast revenue just shy of £100m on the basis of limited further COVID restrictions being put into place and comments that H2 so far is roughly in line with H2 last year. Our estimate of £99m would imply £286k of revenue per fee earner for the full year, roughly in line with 2020's £288k – which is impressive given how many new lateral hires have been made.