Final Results
29/04/2026 07:00
RNS Number : 2872C
Keystone Law Group PLC
29 April 2026
29 April 2026
Keystone Law Group Plc
('Keystone', the 'Group' or the 'Company')
Full Year Results for the Year Ended 31 January 2026
- Significant revenue and profit growth delivering results marginally ahead of market expectations (1)
- A record number of fee earners joined Keystone increasing total fee earners by 13.5% to 654
- AI success being achieved by implementing and promoting solutions tailored to our business
Keystone, the premier tech-enabled platform law firm, is pleased to announce its full year results for the year ended 31 January 2026 ('FY2026' or the 'Period').
2026
Financial Highlights:
· Revenue growth of 17.9% to £115.2 million (2025: £97.7 million)
· Revenue per Principal up 10.5% to £243k (2025: £220k)
· Adjusted PBT up 20.6% to £15.3 million (2025: £12.7 million) representing an adjusted PBT margin of 13.3% (2025: 13.0%)
· Adjusted basic EPS of 37.0p (2025: 30.4p)
· Cash generated from operations up 17% to £13.5 million (2025: £11.5 million) with operating cash conversion of 98.9% (2025: 94.5%)
· Strong balance sheet with net cash of £9.7 million (2025: £9.7 million)
· Paid interim ordinary dividend of 7.5p per share and proposed final ordinary dividend of 17.2p per share bringing total ordinary dividend per share to 24.7p per share (2025: 20.2p)
Operational Highlights:
· Delivered an excellent operational and financial performance with strong client demand across the business
· Significant levels of applicant demand in the Period reflecting Keystone's market position
o Buoyant recruitment environment delivered 294 qualified new applicants (2025: 283) in the Period
o 22% increase in Principals recruited with 61 new Principals added (2025: 50) bringing total Principals to 491 (2025: 455)
o 31% increase in offers accepted with 68 new joiners in the Period (2025: 52)
o 35% increase in 'other' fee earners to 163 (146 pod members and 17 central office lawyers), with total fee earners up 13.5% to 654
· Quality focused recruitment strategy continues to reinforce Keystone as 'the premier platform law firm'
o 221 Keystone lawyers ranked in Legal 500 UK Solicitors 2025 (2025: 207 listed, up from 65 in 2019)
· Investment in Keystone's tech-enabled platform and ongoing AI adoption
o Ongoing implementation and evaluation of IT infrastructure to drive real impact for our lawyers and the broader business
o Rolled out several AI initiatives to enhance our offering to lawyers, including deploying secure, locked-down versions of ChatGPT and Claude and adopting the NetDocuments AI extension
· Designed and delivered our brand refresh which accurately reflect Keystone today
o Launched a new website and marketing collateral in Q1 2027, enhancing stakeholder experience and strengthening our market position to support growth
Current Trading and Outlook:
· The Group has made a positive start to 2027 with client demand and recruitment activity remaining positive during Q1 2027
· The Board remains confident that Keystone will continue to deliver strong, sustainable growth and expects adjusted PBT to be ahead of current market expectations for 2027 (2),
(1) Management understand market expectations prior to this announcement for 2026 to be: revenue £114.3m, adjusted PBIT £12.7 and adjusted PBT £15.1m.
(2) Management understand market expectations prior to this announcement for 2027 to be: revenue £122.3m, adjusted PBIT £13.6 and adjusted PBT £15.1m.
James Knight, Chief Executive Officer of Keystone, commented:
"We delivered another excellent year for Keystone, with strong operational and financial momentum driven by sustained client demand and continued growth in lawyer numbers.
Our brand refresh, which more accurately reflects the evolution of Keystone, underscores our ambition and further reinforces our position as the premier tech-enabled platform law firm. In addition, the ongoing investment in IT infrastructure and AI capabilities continues to differentiate our highly scalable model, underpinning both our strong balance sheet and progressive dividend policy.
I would like to personally thank everyone at Keystone for their ongoing support and look forward to the new financial year which I'm confident will be another period of sustained growth."
Analyst Briefing
A virtual meeting for sell-side analysts will be held virtually at 9.30 a.m. on Wednesday, 29 April 2026. Sell-side 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 Friday, 1 May 2026.
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 Liberum Limited (Nominated Adviser and Joint Broker)
Atholl Tweedie (Corporate Finance)
Rupert Dearden (Corporate Broking)
www.panmureliberum.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
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) the premier tech-enabled platform law firm. It is a highly scalable business with an organic growth strategy which has a proven record of delivering sustainable growth since its IPO in 2018. Ranked within the UK Top 100 law firms, Keystone provides conventional legal services in a £14bn addressable market through its differentiated platform model which has 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 extensive experience across a wide range of sectors and specialisms. With nearly 500 high calibre self-employed Principal lawyers, supported by over 150 other fee earners, Keystone delivers dynamic services to its client base which ranges from fast growing start-ups to multinational corporations and high net worth individuals.
More information about Keystone can be found at www.keystonelaw.co.uk.
CHAIRMAN'S STATEMENT
It is my pleasure to introduce Keystone Law's results for the year ended 31 January 2026.
The business has delivered another strong performance, both operationally and financially. A record number of fee earners have joined this year, 61 new principals and 63 pod members, increasing total fee earners by 13.5%. Our lawyers have taken advantage of the sustained, broad based client demand to drive revenue up by 17.9% to £115.2m, producing adjusted PBIT(1) of £12.9m (2025: £11.6m) and adjusted PBT(1) of £15.3m representing a 13.3% margin (2025: £12.7m, 13.0% margin). PBT was £14.7m at a margin of 12.7% (2025: £11.7m, 12.0%), whilst retained earnings were £11.1m (2025: £8.6m). The quality of these earnings is extremely high, as demonstrated by the high level of cash generation at £11.6m pre dividends (2025: £7.2m).
DIVIDEND
The strong level of cash generation from our business model ensures that we are well placed to return value to our stakeholders through our progressive dividend policy in line with which we are proposing to pay a final ordinary dividend of 17.2p. Having paid an ordinary interim dividend of 7.5p (2025: 6.2p), this will bring the total ordinary dividend for the year to 24.7p (2025: 20.2p).
This will bring the total value of dividends paid since IPO to approximately £54m, or equivalent to just over 169p(2) per share, which is 91% of the adjusted earnings(1) generated by the business over the same period.
OUR AI JOURNEY
AI, and the successful application of its technology, has been a significant focus point of the management team this year. We firmly believe that the successful adoption of this new technology will enhance the Keystone proposition for both lawyers and clients. We are focused on identifying and implementing tools and solutions which genuinely improve our service delivery whilst driving user adoption through education and training. We believe that this approach provides further support for our successful growth strategy.
THE KEYSTONE COMMUNITY AT THE HEART OF OUR SUCCESS
Our success is delivered by, and is a reflection of, the people who comprise the Keystone community. Keystone is different by design and this difference extends to the emphasis we place on developing, maintaining and enhancing the Keystone community which sits at the heart of the business. Our community focused business model is a real differentiating factor in attracting and retaining lawyers. By building genuine relationships across the business our approach delivers real value to our clients, as they benefit from multi-lawyer and multi-disciplinary teams which work together with a real understanding and appreciation of both their technical and cultural needs. All of this underpins the long-term sustainable creation of value for all stakeholders.
THE CENTRAL OFFICE TEAM
The hard work and dedication of our central office team delivers a first-class service to our lawyers, and their clients, and is a further differentiating factor on which our success is built. By treating our lawyers as if they were our clients, we ensure an exceptional standard of support. Our focus is always on improving the lawyer and client experience and this is demonstrated consistently through the ongoing investment we make in our people, our systems and our community.
BOARD AND GOVERNANCE
This is the first year that the updated Quoted Companies Alliance ("QCA") code, which was issued in 2023, became effective in its entirety. We had already adopted a number of the updated guidance included within this ahead of the code timeline and I confirm that this year we have operated within the structures and governance requirements of this updated code throughout the year with the final element needed to satisfy all requirements being the placing of the remuneration report within this annual report before shareholders for a non-binding advisory vote; this will take place at our coming AGM.
OUTLOOK
I am pleased to report that the momentum which we had experienced through 2026 has continued into the early part of 2027 which provides us with confidence for the year ahead.
Robin Williams
Non-executive Chairman
28 April 2026
(1) Adjusted PBT, adjusted PBIT and adjusted earnings are calculated by adding share-based payment costs, gains on assets held at fair value and amortisation of intangible assets to PBT, PBIT or earnings respectively. Details of these calculations are shown in the Financial Review.
(2) Sum of the Ordinary DPS and special dividends DPS paid and proposed for the years ended 31 January 2019 to 31 January 2026.
CHIEF EXECUTIVE'S REVIEW
INTRODUCTION AND HIGHLIGHTS
I am delighted to report that 2026 has been another excellent year for Keystone. We have continued to drive the business forwards, building on the success and momentum of earlier years to deliver another strong set of results, both operationally and financially. We remain focused on the delivery of our high-calibre organic growth strategy, taking advantage of the significant opportunity that the UK legal mid-market represents. We have now firmly established Keystone as the premier platform law firm, with nearly 500 partner level lawyers offering our clients a range and depth of experience and knowledge which clearly distinguishes us from the competition. The calibre of our lawyers is excellent, as demonstrated by their professional backgrounds and in a great many cases their recognition in the leading legal directories. These factors, together with the extensive range of other benefits Keystone lawyers enjoy, continue to underpin the growth and success of the business.
This year, the business has benefitted from sustained, broad-based, client demand which, together with the continued growth in lawyer numbers, has driven revenue up by 17.9% to £115.2m. The revenue growth has been created predominantly by our Principals(1) and their pods with gross profit growing 15.2% on a gross margin of 25.5% (2025: 26.1%) and adjusted PBIT increased by 11.4% to £12.9m at a margin of 11.2% (2025: 11.9%). Successful renegotiation of bank interest rates and the slow pace of the reduction of Bank of England base rates has also contributed to strong adjusted PBT and PBT growth, up 20.6% and 25.6% to £15.3m and £14.7m respectively.
The strength of our proposition to lawyers and their clients underpins our strong recruitment performance and we have seen a record number of fee earners join the business, with total fee earners increasing 13.5% to 654.
record RECRUITMENTnumber of fee earners joining keystone
The recruitment market conditions have continued to be favourable for Keystone and, as the premier platform law firm, we have been well positioned to take advantage of this. Accordingly, we have recruited a record number of new fee earners, with 61 new principals (2025: 50) and 63 pod members joining this year.
During the year, we received 294 qualified applicants (2025: 283), made offers to 96 candidates (2025: 95) with 68 candidates accepting offers (2025: 52). Principal numbers increased by 7.7% to 491 whilst the number of other fee earners increased by 35.8% to 163 (146 pod members and 17 central office employed lawyers). This increase in other fee earners is an extremely positive development, with 14 of the net increase (36 in total) being attributable to Principals who themselves joined in the year (the equivalent statistic for 2025 was 1 or a net increase of 5). This demonstrates the confidence that those Principals have in the sustainable size of their practices.
The strength and depth of experience that Keystone offers our clients is a significant differentiating factor when recruiting, as like attracts like. By only recruiting lawyers of the highest quality, we have created a virtuous circle, establishing the business firmly at the top end of the legal profession. This strength in depth is reflected in the number of Keystone lawyers ranked in the leading legal directories, with 221 being recognised in the Legal 500 UK Solicitors 2025 rankings(2) (2025: 207 listed up from 65 in 2019).
IT INNOVATION AND THE AI JOURNEY
For us, the innovative application of technology to deliver real solutions and make a genuine difference to our lawyers' working lives is a central tenet of the Keystone model. As such, our approach to the AI journey is simply a logical extension of this and absolutely consistent with our solutions focused IT strategy.
We believe that the term "AI journey" accurately reflects our approach to AI. There is no single solution to be bought and deployed which will end this journey. It is our belief that by adopting, implementing and using the underlying technology we will continue to drive the Keystone proposition forwards enhancing value for all stakeholders.
This year, our IT team and user groups have continued assessing new tools and products as they have come to market, considering how, and to what extent, these may be deployed to genuinely impact the lives of our lawyers and drive the business forwards. This is a continuous and ongoing process, and the insights of this work continue to inform our development and solutions implementation. We believe that for our journey to deliver real value, it is necessary to innovate across our IT estate implementing a range of products and solutions, tailoring these to our business. This year, we have rolled out several AI initiatives to further enhance our offering to lawyers; on the generative AI front we have deployed a secure locked down version of ChatGPT and Claude as well as adopting the NetDocuments AI extension. We recognise that for these solutions to make a difference they need to be widely adopted across the business and so we have invested significant time and energy in promoting the benefits of AI and training our lawyers to use it, thereby empowering them to make the most of these new tools. This approach has ensured the successful adoption of these tools with over half our lawyers already using them regularly.
Furthermore, working with expert external consultants we have identified several possible applications for agentic AI agents within the business. We have applied a combination of generative and agentic AI to enable our lawyers to interrogate our substantial operating manual in seconds saving them time and improving their experience. With regards to agentic AI we have harnessed this technology in new tools which we have rolled out to support our lawyers in complying with AML legislation regarding identification of source of funds as well as providing an enhanced approach to conflict checking.
BRAND REFRESH
It has been an extremely busy year for our marketing team. Alongside delivering the day to day support our lawyers need, they have also worked closely with external advisers to design and deliver our brand refresh, ensuring that the external presentation of Keystone accurately reflects the business we are today. The new website and extensive marketing collateral used to support the business has gone live post year end and I am delighted with the results. I believe that the new look and feel significantly enhances the Keystone offering, aligning with the broader brand position of Keystone in the marketplace. These changes will enhance the experience of all stakeholders interacting with the business, further supporting our growth strategy.
HIGH CALIBRE SUPPORT FOR HIGH CALIBRE LAWYERS
The central office team has had another busy and successful year. The support provided is of the highest standard and we work extremely hard to ensure that it continues to meet and exceed the expectations of the high calibre lawyers we support. Each element of the support we provide is fundamental to the overall success of the business and whether that be through the role of the community and engagement team bringing the lawyers together, enhancing the culture and lawyer experience or the compliance team which supports the business in navigating the continually evolving regulatory environment within which we must operate or any one of the other teams. Each team works to the highest of standards, complementing each other to ensure the overall success of the business and I am enormously proud of all they have achieved this year.
LOOKING AHEAD
We have made a positive start to the current financial year, with trading conditions remaining largely unchanged to those of last year. In light of this, we are confident that the business will continue to drive forwards, delivering sustainable growth and, due to the change in the interest rate environment, we now expect adjusted PBT for the coming year to be ahead of market expectations.
James Knight
Chief Executive
28 April 2026
(1) Principal lawyers are the senior lawyers who own the service company ("Pod") which contracts with Keystone. The relationship between Keystone and its lawyers is governed by two agreements: a service agreement (which governs the commercial terms and is between the Pod and Keystone) and a compliance agreement (which governs the behaviour of lawyers and is between each lawyer and Keystone). Pods can employ more than one fee earner. A junior lawyer who is employed by a Pod ("Pod Member") is, to all intents and purposes, a Keystone lawyer and is presented to the outside world in much the same way as a conventional law firm would present a conventionally employed junior lawyer. Junior lawyers are interviewed and fully vetted by our recruitment team, ensuring they are of the requisite quality and calibre. These juniors also sign a compliance agreement and have to comply with all rules and regulations governing the professional conduct of Keystone's lawyers.
(2) The Legal 500 UK Solicitors 2025 rankings is the leading guide to law firms and solicitors in the UK (Source: Legal500.com).
Financial Review and Strategic Report
KEY PERFORMANCE INDICATORS (KPIs)
The following KPIs are used by the management to monitor the financial and operational performance of the Group:
• Revenue growth: 17.9% increase (2025: 11.1%)
• Adjusted PBT(3) growth: 20.6% increase (2025: 12.8%)
• Adjusted PBT margin(3): 13.3% (2025: 13.0%)
• PBT growth: 25.6% increase (2025: 13.4%)
• PBT margin: 12.7% (2025: 12.0%)
• Adjusted basic EPS(3): 37.0p (2025: 30.4p)
• Operating cash conversion: 98.9%(1) (2025: 94.5%)
• Trade receivables days: 35 (2025: 34)
• Qualified new applicants(2): 294 (2025: 283)
• Offers made(2): 96 (2025: 95)
• Offers accepted(2): 68 (2025: 52)
(1) Operating cash conversion is calculated utilising cash generated from operations and dividing it by the PBT before non-cash movements and net interest (2026: £13,621,568 per cash flow statement).
(2) Non-financial KPIs are commented on with the Chief Executive's review. Recruitment data refers to numbers of potential Principals.
(3) The calculation of adjusted PBT, adjusted PBT margin and adjusted EPS is shown on the next page.
REVENUE
I am delighted to report that revenue increased this year by 17.9% to £115.2m. This strong revenue growth has been driven by broad based client demand and continued strength in recruitment, both of Principals and pod members. In terms of Principal numbers, we ended the period with 491 Principals and averaged 473 (2025: ended with 455 and averaged 443.5), whilst a net increase of 36 pod members means that total fee earners has increased by 13.5% to 654 (2025: 576). These factors have facilitated the continued growth in revenue per Principal, which has increased this year by 10.5% to £243k (2025: £220k).
GROSS PROFIT
The increased revenue this year generated growth in gross profit of 15.2% to £29.3m (2025: £25.5m). The strong revenue growth was driven predominantly by the Principals and their Pods, such that the share of gross profit generated by those lawyers on whom we enjoy enhanced gross margins(4) has fallen. Accordingly, the gross margin of 25.5% was lower than last year (2025: 26.1%), this reduction in margin flows through to PBT.
(4) Enhanced GM% delivered by central office employed lawyers and those lawyers based on the Isle of Man.
DEPRECIATION, AMORTISATION, SHARE-BASED PAYMENTS AND GAINS ON INVESTMENTS
Depreciation has increased this year by £0.1m as the 2024 fit out costs of our Chancery Lane offices only started being depreciated in November 2025. There was no amortisation charge for intangibles this year as the underlying asset on which this had been charged became fully amortised during the prior year (2025: £0.25m). The charge in respect of share-based payments increased from £0.8m to £0.85m, whilst the carrying value of the investment held by the business in Keypoint Law PTY Limited was revalued resulting in an unrealised gain of £0.2m.
OTHER ADMINISTRATIVE EXPENSES
Other administrative expenses have increased by 18.3% to £15.3m (2025: £12.9m). Staff costs increased by 17.0% to £6.3m (2025: £5.4m), driven by the investment in the additional personnel needed (2026: 81, 2025: 69) to ensure that the services provided to our lawyers remain a differentiating factor, together with pay rises and promotions reflective of the competitive market environment.
Other administrative costs (per note 4) increased by 19.3% to £9.0m (2025: £7.5m), most significantly driven by an increased cost in lawyer recruitment fees (up £0.5m year on year) as a number of lawyers with large practices joined this year via recruitment agencies. The other main contributory factors to this increase were the increased investment in IT, costs associated with the brand refresh and the 13.5% increase in the average number of fee earners supported by the business.
FINANCE INCOME AND COSTS
During the first half of this year, we successfully renegotiated with our bank to receive enhanced interest rates on funds held. This, in conjunction with the continued slow pace in the reduction of base rates has meant that we have seen a substantial increase in the net finance income received (2026: £2.4m, 2025: £1.1m).
PBT, ADJUSTED PBT AND PBT MARGINS
Adjusted PBT is calculated as follows:
| 2026 £ | 2025 £ | |
| Profit before tax | 14,671,612 | 11,684,999 |
| Gain in respect of investment held at fair value | (184,388) | - |
| Amortisation of intangible assets | - | 248,543 |
| Share-based payments | 851,320 | 780,662 |
| Adjusted PBT | 15,338,544 | 12,714,204 |
| Net finance income | 2,408,050 | 1,111,203 |
| Adjusted PBIT | 12,930,474 | 11,603,001 |
| PBT margin | 12.7% | 12.0% |
| Adjusted PBIT margin | 11.2% | 11.9% |
| Adjusted PBT margin | 13.3% | 13.0% |
| Note | 2026 £ | 2025 £ | |
| Revenue | 115,168,827 | 97,703,149 | |
| Cost of sales | (85,819,172) | (72,229,270) | |
| Gross profit | 29,349,655 | 25,473,879 | |
| Trade receivables impairment | 8 | (1,774,951) | (1,470,788) |
| Corresponding reduction in trade payables | 8 | 1,266,897 | 1,065,268 |
| (508,054) | (405,520) | ||
| Depreciation and amortisation | 4 | (691,074) | (823,681) |
| Share-based payments | 4 | (851,320) | (780,662) |
| Other administrative expenses | 4 | (15,307,968) | (12,940,290) |
| Gain in respect of investments held at fair value | 184,388 | - | |
| Other operating income | 87,935 | 50,070 | |
| Operating profit | 12,263,562 | 10,573,796 | |
| Finance income | 5 | 3,196,726 | 1,966,246 |
| Financing costs | 5 | (788,676) | (855,043) |
| Profit before tax | 14,671,612 | 11,684,999 | |
| Taxation | (3,611,636) | (3,135,226) | |
| Profit and total comprehensive income for the year attributable to equity holders of the Parent | 11,059,976 | 8,549,773 | |
| Basic EPS (p) | 7 | 34.9 | 27.1 |
| Diluted EPS (p) | 7 | 34.3 | 26.6 |
| Note | 2026 £ | 2025 £ | |
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | |||
| Owned assets | 629,880 | 772,027 | |
| Right-of-use assets | 1,509,869 | 1,973,730 | |
| Total property, plant and equipment | 2,139,749 | 2,745,757 | |
| Intangible assets | 4,807,411 | 4,807,411 | |
| Investments | 313,738 | 129,350 | |
| 7,260,898 | 7,682,518 | ||
| Current assets | |||
| Trade and other receivables | 8 | 32,787,578 | 28,325,545 |
| Corporation tax | 37,179 | - | |
| Cash and cash equivalents | 9,744,084 | 9,687,172 | |
| 42,568,841 | 38,012,717 | ||
| Total assets | 49,829,739 | 45,695,235 | |
| Equity and liabilities | |||
| Equity | |||
| Share capital | 9 | 63,435 | 63,186 |
| Share premium | 9,920,760 | 9,920,760 | |
| Share-based payments reserve | 1,411,055 | 1,276,080 | |
| Retained earnings | 9,301,975 | 9,102,454 | |
| Equity attributable to equity holders of the Parent | 20,697,225 | 20,362,480 | |
| Non-current liabilities | |||
| Lease liabilities | 1,072,496 | 1,563,376 | |
| Provisions | 9 | 1,340,830 | 1,162,235 |
| 2,413,326 | 2,725,611 | ||
| Current liabilities | |||
| Trade and other payables | 10 | 26,124,340 | 21,985,238 |
| Lease liabilities | 594,848 | 594,848 | |
| Corporation tax liability | - | 27,058 | |
| 26,719,188 | 22,607,144 | ||
| Total liabilities | 29,132,514 | 25,332,755 | |
| Total equity and liabilities | 49,829,739 | 45,695,235 |
| Attributable to equity holders of the Parent | ||||||
| Note | Share capital £ | Share premium £ | Share-based payments reserve £ | Retained earnings £ | Total £ | |
| At 31 January 2024 | 18 | 62,963 | 9,920,760 | 1,059,531 | 5,896,437 | 16,939,691 |
| Profit for the year and total comprehensive income | - | - | - | 8,549,773 | 8,549,773 | |
| Transactions with owners | ||||||
| Dividends paid in the year | - | - | - | (5,907,869) | (5,907,869) | |
| Share-based payments vesting | 223 | - | (564,113) | 564,113 | 223 | |
| Share-based payment awards | - | - | 780,662 | - | 780,662 | |
| At 31 January 2025 | 18 | 63,186 | 9,920,760 | 1,276,080 | 9,102,454 | 20,362,480 |
| Profit for the year and total comprehensive income | - | - | - | 11,059,976 | 11,059,976 | |
| Transactions with owners | ||||||
| Dividends paid in the year | - | - | - | (11,576,800) | (11,576,800) | |
| Share-based payments vesting | 249 | - | (716,345) | 716,345 | 249 | |
| Share-based payment awards | - | - | 851,320 | - | 851,320 | |
| At 31 January 2026 | 18 | 63,435 | 9,920,760 | 1,411,055 | 9,301,975 | 20,697,225 |
| Note | 2026 £ | 2025 £ | |
| Cash flows from operating activities | |||
| Profit before tax | 14,671,612 | 11,684,999 | |
| Adjustments | |||
| Depreciation and amortisation | 5 | 691,074 | 823,681 |
| Share-based payments | 5 | 851,320 | 780,662 |
| Revaluation of investment | 16 | (184,388) | - |
| Finance income | 7 | (3,196,726) | (1,966,246) |
| Financing costs | 7 | 788,676 | 855,043 |
| 13,621,568 | 12,178,139 | ||
| Working capital adjustments | |||
| Increase in trade and other receivables | (4,462,033) | (3,131,196) | |
| Increase in trade and other payables | 4,139,102 | 2,202,651 | |
| Increase in provisions | 178,595 | 254,290 | |
| Cash generated from operations | 13,477,232 | 11,503,884 | |
| Interest paid | (684,708) | (767,002) | |
| Interest portion of lease repayments | (103,968) | (88,041) | |
| Corporation taxes paid | (3,675,873) | (4,404,523) | |
| Cash generated from operating activities | 9,012,683 | 6,244,318 | |
| Cash flows from/(used in) investing activities | |||
| Interest received | 3,196,726 | 1,966,246 | |
| Purchases of property, plant and equipment | (85,068) | (772,373) | |
| Net cash generated by investing activities | 3,111,658 | 1,193,873 | |
| Cash flows from financing activities | |||
| Proceeds from issue of ordinary shares | 249 | 223 | |
| Lease repayments | (490,878) | (210,445) | |
| Dividends paid in year | 24 | (11,576,800) | (5,907,869) |
| Net cash used in financing activities | (12,067,429) | (6,118,091) | |
| Net increase in cash and cash equivalents | 23 | 56,912 | 1,320,100 |
| Cash at 1 February | 23 | 9,687,172 | 8,367,072 |
| Cash at 31 January | 23 | 9,744,084 | 9,687,172 |
| 2026 £ | 2025 £ | |
| Profit before tax | 14,671,612 | 11,684,999 |
| Gain in respect of investment held at fair value | (184,388) | - |
| Amortisation | - | 248,536 |
| Share-based payments | 851,320 | 780,662 |
| Adjusted PBT | 15,338,544 | 12,714,197 |
| 2026 £ | 2025 £ | |
| Depreciation | 227,213 | 120,863 |
| Amortisation - intangible assets | - | 248,543 |
| Amortisation - right-of-use assets | 463,861 | 454,275 |
| Share-based payments | 851,320 | 780,662 |
| Staff costs | 8,012,477 | 6,657,878 |
| Other administrative expenses | 8,959,243 | 7,512,604 |
| 18,514,114 | 15,774,825 |
| 2026 £ | 2025 £ | |
| Finance income | ||
| Interest income on bank deposits | 3,196,726 | 1,966,246 |
| Financing costs | ||
| Interest on client monies held | (684,708) | (767,002) |
| Interest on leases for own use | (103,968) | (88,041) |
| Total finance costs | (788,676) | (855,043) |
| Net finance income | 2,408,050 | 1,111,203 |
| 2026 £ | 2025 £ | |
| Wages and salaries | 6,715,796 | 5,674,063 |
| Social security costs | 1,010,487 | 741,316 |
| Pension costs, defined contribution scheme | 286,194 | 242,499 |
| 8,012,477 | 6,657,878 |
| 2026 £ | 2025 £ | |
| Fee earners | 17 | 13 |
| Administration and support | 81 | 69 |
| Total | 98 | 82 |
| 2026 £ | 2025 £ | |
| Profit attributable to owners of the Parent | 11,059,976 | 8,549,773 |
| Gain in respect of investment held at fair value(1 | (184,388) | - |
| Amortisation(1) | - | 248,543 |
| Share-based payments(1) | 851,320 | 780,662 |
| Adjusted earnings | 11,726,908 | 9,578,978 |
| 2026 No. of shares | 2025 No. of shares | |
| Weighted average number of shares | ||
| For basic earnings per share | 31,671,936 | 31,554,166 |
| Dilutive effect of grants under LTIP | 613,271 | 547,383 |
| For diluted earnings per share | 32,285,207 | 32,101,549 |
| Basic earnings per share (p) | 34.9 | 27.1 |
| Diluted earnings per share (p) | 34.3 | 26.6 |
| Adjusted basic earnings per share (p) | 37.0 | 30.4 |
| Adjusted diluted earnings per share (p) | 36.3 | 29.8 |
| Group | ||||
| 2026 £ | 2025 £ | |||
| Trade receivables | 21,102,102 | 17,283,997 | ||
| Provision for impairment of trade receivables | (6,675,704) | (5,497,587) | ||
| Net trade receivables | 14,426,398 | 11,786,410 | ||
| Receivables from related parties | - | - | ||
| Accrued income | 14,656,053 | 12,856,306 | ||
| Prepayments | 1,959,022 | 1,919,904 | ||
| Unbilled disbursements | 951,433 | 842,334 | ||
| Reimbursement asset | 538,148 | 442,541 | ||
| Other receivables | 256,524 | 478,050 | ||
| Total current trade and other receivables | 32,787,578 | 28,325,545 | ||
| 2026 Gross £ | 2026 Provision £ | 2026 Expected Loss Rate % | 2025 Gross £ | 2025 Provision £ | 2025 Expected Loss Rate % | |
| 0 to 30 days | 7,680,689 | 382,595 | 5.0 | 6,458,897 | 323,383 | 5.0 |
| 31 to 60 days | 2,965,360 | 296,536 | 10.0 | 2,295,345 | 229,535 | 10.0 |
| 61 to 90 days | 1,693,775 | 169,377 | 10.0 | 1,043,915 | 104,391 | 10.0 |
| 91 to 120 days | 810,472 | 202,618 | 25.0 | 958,313 | 239,578 | 25.0 |
| 4 to 6 months | 1,916,457 | 1,507,267 | 78.6 | 1,256,700 | 801,660 | 63.8 |
| 6 months to 1 year | 2,366,264 | 1,081,319 | 45.7 | 2,102,230 | 1,071,717 | 51.0 |
| Over 1 year | 3,669,085 | 3,035,992 | 82.7 | 3,168,597 | 2,727,323 | 86.1 |
| 21,102,102 | 6,675,704 | 31.6 | 17,283,997 | 5,497,587 | 31.8 |
| 2026 £ | 2025 £ | |
| Balance at 1 February | 5,497,587 | 4,812,995 |
| Charge for the year | 1,774,951 | 1,470,788 |
| Amounts written off | (596,834) | (786,196) |
| Balance at 31 January | 6,675,704 | 5,497,587 |
| Dilapidation £ | Professional Indemnity £ | Total Provision £ | |
| At 31 January 2024 | 227,945 | 680,000 | 907,945 |
| Additional provision in the year | 15,730 | 300,316 | 316,046 |
| Utilisation of provision | - | (61,756) | (61,756) |
| At 31 January 2025 | 243,675 | 918,560 | 1,162,235 |
| Additional provision in the year | 12,125 | 218,870 | 230,995 |
| Utilisation of provision | - | (52,400) | (52,400) |
| At 31 January 2026 | 255,800 | 1,085,030 | 1,340,830 |
| Professional Indemnity provision £ | Reimbursement asset £ | Net £ | |
| At 31 January 2025 | 918,560 | 442,541 | 476,019 |
| At 31 January 2026 | 1,085,030 | 538,148 | 546,882 |
| Company | Group | |||
| 2026 £ | 2025 £ | 2026 £ | 2025 £ | |
| Trade payables | - | - | 12,118,282 | 10,222,352 |
| Accrued expenses | 31,247 | 37,221 | 13,702,473 | 11,529,447 |
| Social security and other taxes | - | - | 303,585 | 233,439 |
| Total trade and other payables | 31,247 | 37,221 | 26,124,340 | 21,985,238 |
| 0 to 6 months £ | 7 to 12 months £ | 1 to 5 years £ | Pay when paid £ | Total £ | |
| Trade payables | 88,836 | - | - | 12,029,446 | 12,118,282 |
| Accrued expenses | 2,364,973 | 211,721 | 169,201 | 10,956,578 | 13,702,473 |
| Lease Liabilities | 297,424 | 297,424 | 1,228,799 | - | 1,823,647 |
| At 31 January 2026 | 2,751,233 | 509,145 | 1,398,000 | 22,986,024 | 27,644,402 |
| 0 to 6 months £ | 7 to 12 months £ | 1 to 5 years £ | Pay when paid £ | Total £ | |
| Trade payables | 175,700 | - | - | 10,046,652 | 10,222,352 |
| Accrued expenses | 1,544,202 | 210,000 | 179,702 | 9,595,543 | 11,529,447 |
| Lease Liabilities | 297,424 | 297,424 | 1,823,647 | - | 2,418,495 |
| At 31 January 2025 | 2,017,326 | 507,424 | 2,003,349 | 19,642,195 | 24,170,294 |