A self-styled 'challenger' law firm told investors today that its business appears set to deliver healthy financial results in its first full year since going public. In an update to the London stock exchange, Keystone Law said it had continued to trade strongly through the second half of 2018.
The company reported ‘significant growth’ and predicted profits ‘comfortably ahead’ of current market expectations. Final results for the year to 31 January 2019 will be published on 8 May, the statement said. Shares in Keystone Law Group plc rose 13% to 388p on the news.
James Knight, chief executive, said: ‘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.’
In September last year Keystone reported that, in the six months ending 31 July, pre-tax profits rose by 40.3% to £2.3m and revenue was 30% higher at almost £20m.
The business, which floated in November 2017 raising £15m upon entry, is a full-service firm with around 290 self-employed lawyers on its books. Lawyers are paid according to the income they generate for the group. They are supported by a team of around 40 employees in London.