21
February 2024
Keystone Law Group Plc
('Keystone', the
'Group' or the 'Company')
Trading Update
And
Notice of Results
Keystone, the network and tech-enabled
challenger law firm, is pleased to announce the following trading
update for the year ended 31 January 2024 ("FY 2024" or the
"Period").
The business continued to trade well through H2
2024, resulting in a strong performance for FY 2024. Sustained
client demand, as well as the impact of new joiners, has generated
a better than anticipated revenue outturn. As a result of
these factors, in combination with continuing high interest rates,
the Board now expects the Group to deliver revenue and adjusted
profit before tax for FY 2024 slightly ahead of current market
expectations(1).
H2 2024 has seen a continuation of the
recruitment trends reported at the time of the half year results in
September 2023, and the Group has continued to capitalise on the
favourable market conditions, recruiting 51 new Principals during
FY 2024 and ending the Period with 432 Principals and a total of
549 fee earners.
James Knight,
Chief Executive Officer of Keystone, commented:
"I am
delighted to report that Keystone delivered a strong trading
performance across the year, further leveraging our unique
operating model and market position within the legal
profession.
"Our ongoing
financial and operational momentum has been accelerated by a more
fertile recruitment environment following the challenges of the
last couple of years, and we look forward to building on this
performance in the year ahead."
(1) Current market
expectations for FY 2024: revenue £84.8m and adjusted PBT
£10.9m
Notice of
Results
Keystone will be announcing its final results
for the year ended 31 January 2024 on Thursday, 18 April
2024.
Analyst
Briefing
A meeting for analysts will be held virtually
at 9.30 a.m. on Thursday, 18 April 2024. Analysts wishing to attend
this event can register via email at:
keystonelaw@vigoconsulting.com
Retail
Investor Presentation
Keystone's management team will provide a
separate presentation and Q&A for retail investors at 1.00 p.m.
on Monday, 22 April 2024.
The presentation will be hosted on the Investor
Meet Company platform, where questions can be submitted pre-event
up until 9.00 a.m. on the day before the meeting, or at any time
during the live presentation.
Investors can register for free and subscribe
to alerts on Keystone by visiting:
www.investormeetcompany.com/keystone-law-group-plc/register-investor
Investors who already follow Keystone on the
Investor Meet Company platform will automatically be
invited.
For further
information please contact:
Keystone Law
Group plc
James Knight, Chief Executive
Officer
Ashley Miller, Finance Director
www.keystonelaw.com
+44 (0) 20 3319 3700
Panmure Gordon
(UK) Limited (Nominated Adviser and Joint Broker)
Dominic Morley (Corporate Finance)
Rupert Dearden (Corporate Broking)
www.panmure.com
+44 (0) 20 7886 2500
Investec Bank
plc (Joint Broker)
Carlton Nelson
James Rudd
www.investec.co.uk
+44 (0) 20 7597 5970
Vigo
Consulting (Financial Public Relations)
Jeremy Garcia / Fiona Hetherington / Aisling
Fitzgerald
keystonelaw@vigoconsulting.com
+44 (0)207 390 0233
The
information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018
("MAR").
Notes to editors
Keystone (AIM: KEYS), is an
award-winning, UK Top 100, law firm, providing conventional legal
services in a £10bn addressable market through its scalable and
unique model, with three defining characteristics:
· Lawyers have freedom, flexibility and autonomy, and are paid
up to 75% of what they bill.
· Lawyers determine how, when and where they work, in contrast
to the conventional law firm model.
· Lawyers are provided full infrastructure and support via its
central office team, bespoke user-friendly IT platform, and network
of colleagues and events.
Keystone is a full-service law firm,
with 20 service areas and more than 50 industry sectors delivered
by over 400 high calibre self-employed Principal lawyers who work
from their own offices.
In November 2020, Keystone was named
Law Firm of the Year by The Lawyer, the first time a 'new' law firm
has won the award.
More information about Keystone can
be found at www.keystonelaw.co.uk.