Independent IIR Research Plc (Formerly TMA)

Happy new year all, not sure they update specifically every other month ham but this year will see a flurry of newsflow imo.

The latest position being recruited for is a FT CFO, the current incumbent is only PT and cannot give anymore time. Obviously with the growth of the company a FT CFO is a must.

As part of the search for a replacement the position has been posted, but with detailed write up of the prospects for the company in the coming year. Key points & my opinion below + link.

- As we know organic growth is driving the improved forecasts from Insinger [contracted business only] + we have a very strong pipeline, but IIR are also looking for acquisitions in the research space a fragmented industry in which the group is positioning itself as a consolidator. Acquisitions were mentioned previously in the finals, any deals would be all paper & from memory 22m shares were authorised for this in the last AGM.

Any acquisitions would be earnings enhancing per the finals & a recent answear to a Q I posed to Mr S, not only would this scale the business quicker presumably the shares would be taken up by institutions giving the share more liquidity & a stronger investor base. I see this as very positive and will help the SP appreciate giving a more realistic valuation in the market.

- Organic growth is expected to expand the Group from the current 60, to around 200 staff during the year. This demonstrates the level of organic growth we will see - a greater than 3 fold increase in staff will convert to a > 3 fold increase in research coverage imo.

- The Group is expected to add operations in SE Asia during the year. Again eluded to on the past I think in the last finals, nothing included in the forecasts from Insinger & a very fast growing market to get into.

- IIR will be moving to new offices in the new year near London bridge, presumably as the business grows they need more staff [see my previous postings of staff being recruited] + they are contemplating a number of additional appointments - General Counsel and Compliance Officer; and Head of UK Small-Cap Research. The latter of the two gives a clue that the move into UK research will be sooner rather than later, nothing included in forecasts.

Regards