REG - Adsure Services PLC - Corporate Update

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24/04/2025 08:15

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RNS Number : 9053F  Adsure Services PLC  24 April 2025

24 April 2025

 

Adsure Services PLC

("Adsure" or the "Company")

 

Corporate Update

 

 

Adsure Services PLC ("Adsure" or the "Company"), a leading provider of audit
and assurance services, is pleased to provide the following corporate update.
 

 

Adsure Services continues to enjoy a favourable trading environment
underpinned by the ongoing reconfiguration of UK public services. Its mandated
assurances services support organisations with navigating a swiftly changing
legislative landscape.

 

Kevin Limn, CEO of Adsure Services, commented:

 

"I'm delighted that Adsure's principal trading subsidiary, TIAA continues to
offer an attractive alternative to mid-tier accountancy practices to the UK
public sector. Public services are in a state of flux with significant
reconfiguration of local government planned, the announcement of the abolition
of NHS England and the Further Education sector facing significant financial
challenges. Unlike generalist accountancy firms, which often blend audit, tax,
and advisory services, TIAA is exclusively focused on business assurance,
reducing conflicts of interest and providing our clients with a specialist
service delivered by our deeply experienced team."

 

Private Sector Contract Wins

 

While Adsure Services continues to maintain its focus on public sector
organisations, we are delighted to announce a series of recent contract wins
with a private sector rail joint venture. This delivers on Adsure's strategic
goal to provide existing services to clients in new markets.

 

The engagements cover advisory services that utilise Adsure Services' existing
service infrastructure and personnel, demonstrating its ability to secure
business across different service categories and client types.

 

Adsure Services has a diverse portfolio of client contracts, with no single
contract accounting for more than 5% of total revenue, reducing dependency on
any one client or contract. The expansion into the private sector solidifies
this approach through a multi-contract approach to delivering services.

 

Capacity Utilisation

 

The company has made substantial progress in executing its strategic
objectives. A modest increase in headcount has been implemented to support
growth, while significant improvements in productivity have been achieved.
Cost management remains a priority, with efficiencies gained across
operations.

 

Adsure Services' operating subsidiary had an increase of 83% of direct staff
meeting or exceeding their utilisation target for the 2024/25 financial year,
enabling it increase service delivery without materially increasing the cost
base.

 

The Company looks forward to fully implementing K10 Vision IT system, which
will enhance service quality and operational efficiency. The system is
currently going through specification settings and implementation phases, with
promising initial results. Adsure Services is confident full implementation
will lead to incremental increases in operating margins when it is fully
implemented later this year.

 

Robust Demand

 

Adsure continues to observe the increased demand for outsourcing internal
audit and business assurance functions by government-funded organisations. The
push to reduce operating costs means that more organisations will be looking
to make savings by reducing internal headcount. The Company is encouraged by
the potential to capitalise on the changing political and regulatory landscape
as the new Labour government seeks to achieve efficiencies.

 

This potential growth in the scale of the market is something Adsure is well
placed to capitalise upon, having significant experience in supporting
organisations in making the transition from an in-house consortium model to
full outsourcing, through its historic acquisitions of Parkhill Audit Agency
and South Coast Audit, for example.

 

-Ends-

 

For more information and the chance to have your questions directly answered
by the management team, please head to our interactive investor hub via:
https://investors.adsureservicesplc.co.uk/link/vPnRMP. Here you will find all
company news and additional content to further explain Adsure's strategy and
investment case.

 

Engage with the Adsure Services management team directly by asking questions,
watching video
summaries and seeing what other shareholders have to say.
Navigate to our Interactive investor hub here:
https://investors.adsureservicesplc.co.uk/link/vPnRMP.

 

 

 Adsure Services PLC

 Kevin Limn, Chief Executive Officer

 Engage with the company directly                      +44 (0) 845 300 3333

                                                       https://investors.adsureservicesplc.co.uk/s/435bf4
 Guild Financial Advisory Limited - Corporate Adviser

 Ross Andrews                                          +44 (0)7973 839767

                                                       ross.andrews@guilfin.co.uk (mailto:ross.andrews@guilfin.co.uk)

 Evangeline Klaassen                                   +44 (0)7972 841276

                                                       evangeline.klaassen@guildfin.co.uk (mailto:evangeline.klaassen@guildfin.co.uk)
 Redchurch Communications - Financial PR & IR

 John Casey / Nicky Bagheri                            +44 (0) 207 7870 3974

                                                       ads@weareredchurch.com (mailto:ads@weareredchurch.com)

 

 

About Adsure Services

 

Adsure Services PLC is a leading audit and assurance services provider,
dedicated to delivering high-quality financial review and compliance
solutions. Through investment in innovative technology and AI-driven
solutions, the Company is focused on enhancing efficiency and accuracy in the
audit sector.

 

 

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