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

Keystone LawAnnouncement

21/02/2024 07:00

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RNS Number : 8294D  Keystone Law Group PLC  21 February 2024

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
(http://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 (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 / 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
(http://www.keystonelaw.co.uk/) .

 

 

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