Full year results for the period ending 31 January 2022

Elevated financial performance driven by strong client demand; special dividend declared

Keystone Law Group plc (AIM: KEYS), the fast growing, UK Top 100, challenger law firm, today announces its full year results for the year ended 31 January 2022 ('2022').

Financial Highlights:

  • Revenue growth of 26.5% to £69.6 million (2021: £55.0 million)
  • PBT of £8.4 million (2021: £5.4 million)
  • Adjusted PBT of £9.1 million, representing growth of 52.3% (2021: £6 million)
  • Basic EPS of 21.3 pence, up 42.7% (2021: 13.8 pence)
  • Adjusted basic EPS of 23.6 pence, up 51.3% from 15.6 pence
  • Strong operating cash conversion at 102.7% with cash generated from operations of £10.0 million (2021: £6.6 million); remain debt free
  • Proposed final ordinary dividend of 11.2p (2021: 7.1p(1)), plus a special dividend of 10p per share

(1) 2021 dividend excludes 3.5p paid as catch up for non-payment of a final dividend for the year ended 31 January 2020

Strategic Highlights:

  • In a challenging recruitment market we have increased the number of Principals to 394 (2021: 369), and lawyers continued to grow their practices with Pod members increasing from 74 to 80.
  • Our Central Office team will continue to work remotely, having demonstrated outstanding levels of support to lawyers and clients by this means throughout the pandemic.
  • We have continued to run regular social and networking events for lawyers to foster a supportive and collegiate culture, mostly taking the form of online events this year, but also face to face events when restrictions allowed.
  • We continue to invest into our IT systems, to ensure “best in class” core systems and drive ever greater operational efficiencies for lawyers.

Current trading and outlook:

  • The current financial year has started well with lawyers remaining busy.
  • We have made a fair start on recruitment, continuing to attract high quality candidates.
  • Well placed to deliver another strong performance.


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

“Keystone has had another very successful year. Our unique business model, with technology enabled remote working and flexibility at its core, has ensured that our lawyers have been perfectly placed to capitalise on the high levels of client demand throughout the period.

As a result of the experience of the last two year, remote working within the legal profession has now been accepted by the mainstream and I believe it will remain a preference for many. Keystone offers so much more than just remote working.  It gives genuine flexibility, providing the platform for our lawyers to take control of the manner in which they build their practices, often to earn more money, whilst being supported by a central office team of the highest calibre.

Being highly cash generative and capital light has meant that we have built a strong cash position and we are extremely pleased to be able to propose both a final ordinary dividend of 11.2p and a special dividend of 10p per share.”


For further information:

Keystone Law Group plc


James Knight, Chief Executive Officer

Tel: +44 (0) 20 3319 3700

Ashley Miller, Finance Director



Panmure Gordon (UK) Limited (Nominated Adviser and Joint Broker)


Dominic Morley (Corporate Finance)

Tel: +44 (0) 20 7886 2500

Erik Anderson (Corporate Broking)



Investec Bank plc (Joint Broker)


Carlton Nelson

Tel: +44 (0) 20 7597 5970

James Rudd


Media enquiries 
FTI Consulting Tel: +44 (0)7711 387 085
Laura Ewart[email protected]

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, 28 April 2022. Analysts wishing to attend this event can register via email at [email protected] Keystone's Full Year 2022 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 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 nearly 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.