Half year results for the six months ending 31 July 2021

Strong financial performance; well positioned to capitalise on opportunities in the recruitment market

Keystone Law Group plc (AIM: KEYS), the fast growing, UK Top 100, challenger law firm, today announces its half year results for the six months ended 31 July 2021 ('H1-2022').

Financial Highlights

  • Revenue of £33.7 million (up 37.6% on H1-2021; up 10.2% on H2-2021)
  • PBT of £4.3 million (up 118% on H1-2021; up 23.1% on H2-2021)
  • Adjusted PBT of £4.6 million (up 109% on H1-2021; up 22.4% on H2-2021)
  • Basic EPS of 10.8 pence, up 116% from 5.0 pence in H1-2021
  • Adjusted EPS of 11.9 pence, up 105% from 5.8 pence in H1-2021
  • Cash generated from operations of £4.2 million, up 27.2% from £3.3 million in H1-2021
  • Maintained robust cash position of £7.2 million, remain debt free
  • Declared interim dividend of 4.5p

Strategic Highlights

  • Activity levels across all practice areas have been very high throughout the period.
  • Conditions in the recruitment market have been similar to those of H2-2021, with 136 qualified new applicants (H2-2021: 108) and 28 accepted offers (H2-2021: 29).
  • Our unique and operationally efficient model continues to drive strong organic growth with 21 new joiners growing the number of Principals to 386 (H1-2021: 347).
  • Lawyers have grown their practices to support increased activity, with 83 (31 January 2021: 74) Pod members operating across 48 Pods.
  • The business now has a total of 479 fee earners (H1-2021: 426).
  • Our collaborative and supportive culture is at the heart of Keystone, being a fundamental element of what attracts and retains our lawyers. As such, throughout the first half we have used technology to continue delivering a broad range of social and networking opportunities to our lawyers.

Current trading and outlook

  • Activity remains buoyant and we are well positioned to take advantage of the opportunities that will result from the further impetus generated in the legal recruitment market as the Covid-19 restrictions are fully relaxed and potential candidates are required to return to the office during the second half of this year. As such, We are confident that we will deliver another good performance during the rest of this year which will be materially ahead of current market expectations.


James Knight, Chief Executive Officer of Keystone Law, commented:

We have delivered another impressive set of results, continuing to grow our lawyer base and demonstrating strong increases in both revenue and profit, all of which once again validates the attractive nature of the Keystone model.

The legal market remains very busy and we are well positioned to take advantage of the further opportunities which we believe the “return to work” will present.

I am looking forward to carrying on delivering strong results in second half of the year.

For further information please contact:

Keystone Law Group plc
James Knight, Chief Executive Officer
Ashley Miller, Finance Director
+44 (0) 20 3319 3700 

Panmure Gordon (UK) Limited (Nominated Adviser and Joint Broker)
Dominic Morley (Corporate Finance)
Erik Anderson (Corporate Broking)

+44 (0) 20 7886 2500

Investec Bank plc (Joint Broker)
Carlton Nelson
James Rudd

+44 (0) 20 7597 5970
Media enquiries: 

FTI Consulting
Laura Ewart
 [email protected]

+44 (0)7711 387 085 


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”).


Analyst Briefing

A meeting for analysts will be held virtually at 9.30am today, 16 September 2021. Analysts wishing to attend this event can register via email at [email protected]. Keystone's Half Year 2021 results announcement will also be available today on the Group's website at www.keystonelaw.com


Notes to editors

Keystone is an award-winning law firm, providing conventional legal services to SMEs and high net worth individuals in a £9bn addressable market.

Keystone has a scalable and unique model, with three defining characteristics:

  • Our lawyers have freedom, flexibility and autonomy, and are paid up to 75% of what they bill.
  • Our lawyers determine how, when and where they work, in contrast to the conventional law firm model.
  • We offer lawyers full infrastructure and support via its central office, 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 380 high calibre self-employed Principals 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.