AIM-listed Keystone Law Group records 61% profit growth

Legal services firm Keystone Law Group plc has unveiled its first set of financial results since listing on AIM.

The company, headquartered on Chancery Lane, generated a pre-tax profit of £1.93m in the 12 months to January 31 2018, a year-on-year increase of almost 61%.

Keystone Law’s revenue for the period grew 23.6% to £31.6m, as its team of fee earners rose from 228 to 266.

The group joined the AIM market on November 27 2017, when it raised gross proceeds of £15m in an oversubscribed placing.

Keystone Law chief exec James Knight said: “I am pleased to report that the Group has delivered a positive maiden set of final results, with strong performance driving revenue and EBITDA growth.

“Furthermore, our business model has led to impressive cash conversion within the business. I am delighted to have successfully completed our recent IPO and strongly believe that Keystone is well-positioned to take advantage of the significant market opportunity in the UK legal services market, which we believe is ripe for disruption.”

He continued: “The ability of our clear strategy to deliver organic growth has been demonstrated by the rising number of fee earners joining the business, as our distinctive platform model proves increasingly attractive to quality lawyers and their valuable clients.

“As Keystone’s first mover advantage enables further expansion, we look forward to delivering sustainable organic growth to our shareholders as we embark upon our journey as a publicly listed company.”