21 January 2019
Keystone Law (AIM:KEYS), the fast growing, UK Top 100, challenger law firm, is pleased to announce the following trading update ahead of its final results for the year ended 31 January 2019 (the ‘period’).
The Board is pleased to report that Keystone has continued to trade strongly through the second half of the year, delivering significant growth and the Group expects to report profits which will be comfortably ahead of current market expectations.
Keystone is well positioned to establish itself as one of the leading UK mid-market law firms with a clear and simple growth strategy enabling it to take advantage of the significant addressable market. Keystone’s distinctive platform model continues to attract good quality, experienced new lawyers together with new clients.
During the period, the Group has continued to focus on delivering its strategy by driving strong organic growth and has continued to invest in the infrastructure which underpins this strategy.
James Knight, Chief Executive Officer of Keystone, said: “I am delighted with the progress the Group has made in our first full year on AIM. Our distinctive platform model has successfully attracted a significant number of new, high-quality lawyers which has helped us scale the business. This impressive growth coupled with the excellent performance and hard work of our lawyers means that we are confident that we will comfortably beat market expectations. We continue to make good strategic progress and we look forward to further updating the market in May.”
The Group will be announcing its final results for the year ending 31 January 2019 on Wednesday, 8 May 2019. An analyst briefing will be hosted on the morning of results at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN.
For further information:
|Keystone Law Group plc|
|James Knight, Chief Executive Officer||Tel: +44 (0) 20 3319 3700|
|Ashley Miller, Finance Director||www.keystonelaw.co.uk|
|Panmure Gordon (UK) Limited
(Nominated Adviser and Broker)
|Andrew Potts / Dominic Morley (Corporate Finance)||Tel: +44 (0) 20 7886 2500|
|Erik Anderson (Corporate Broking)||www.panmure.com|
|Henry Harrison-Topham / Steph Watson||Tel: +44 (0) 20 7466 5000|
Notes to Editors
Keystone Law is a UK Top 100, fast growing, profitable and cash generative challenger law firm. Established in 2002, Keystone is one of the first platform models disrupting the traditional law firms operating within the legal services mid-market. Keystone’s model permits rapid scalability, enabling the Group to increase the number of revenue generating lawyers more quickly than the traditional model.
As a full service law firm, Keystone delivers conventional legal services across more than 20 service areas and over 50 industry sectors to a client base comprising predominantly of SMEs and private individuals. These services are delivered by over 290 experienced self-employed lawyers who work from their own offices; with no fixed remuneration their fees are calculated with direct reference to the income they generate for the Group. The lawyers are fully supported by the Group’s central office team of approximately 40 employees, and are therefore able to focus entirely on business development and the delivery of legal work.
With the head office located in the heart of London’s legal district on Chancery Lane, the Group uses its bespoke proprietary software platform to enable Keystone’s lawyers to interact with the central office team and each other in an easy and efficient manner, whilst extensive networking and social events engender a strong sense of belonging to the Keystone family. The platform also drives interaction, co-operation and a strong corporate culture across the business.
Keystone joined the AIM market of the London Stock Exchange in November 2017, raising £15 million, under the ticker KEYS. More information can be found at: www.keystonelaw.co.uk/
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of the Group is Ashley Miller, Finance Director.