REG - Keystone Law Grp PLC - Trading Update & Notice of Results

Keystone LawAnnouncement

20/02/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230220:nRST3634Qa&default-theme=true

RNS Number : 3634Q  Keystone Law Group PLC  20 February 2023

20 February 2023

 

 

Keystone Law Group Plc

('Keystone', the 'Group' or the 'Company')

 

Trading Update

&

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 2023 (FY
2023).

 

The favourable market conditions reported in H1 2023 continued through H2
2023, as client demand remained robust, resulting in Keystone delivering
another strong performance. Accordingly, the Board now expects both revenue
and adjusted profit before tax for FY 2023 to be marginally ahead of current
market expectations.

 

The Company reports 398 Principals and a total of 507 fee earners at the year
end, despite the ongoing competitive nature of the legal recruitment market.
This was achieved against a backdrop of much publicised instability within the
broader UK economy during H2 2023 which, overlayed onto the conditions
reported at the time of our interim statement, further impacted the volume of
candidates moving across the industry.

 

James Knight, Chief Executive Officer of Keystone, commented:

 

"There is no question in my mind that the benefits of the Keystone model have
been completely validated by the shift away from conventional working
practices experienced over the last few years and I am confident that as the
recruitment market stabilises we will see further impetus to our future
growth."

 

Notice of Results

 

Keystone will be announcing its final results for the year ended 31 January
2023 on Tuesday, 25 April 2023.

 

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 (http://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 / Charlie Neish / Kate Kilgallen

keystonelaw@vigoconsulting.com (mailto: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: KEY), is an award-winning, UK Top 100, law firm, providing
conventional legal services in a £9bn 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 nearly 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
(http://www.keystonelaw.co.uk/) .

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTFFFLLFSIALIV