Keystone Law FY revenues seen 'slightly ahead' of market expectations

21st Feb 2024 09:41

(Sharecast News) - Challenger law firm Keystone Law Group said on Wednesday that it had continued to trade well through the second half of the trading year, resulting in a "strong performance" for the year as a whole.

Keystone Law said sustained client demand, as well as the impact of new joiners, had generated a "better than anticipated revenue outturn".

As a result, in combination with continuing high interest rates, Keystone now expects to deliver revenue and adjusted pre-tax profits slightly ahead of current market expectations of £84.8m and £10.9m, respectively.

The AIM-listed group added that the trading year ended 31 January had seen a continuation of the recruitment trends reported at the time of its interim results in September 2023, allowing the group to continue capitalising on "favourable market conditions".

Chief executive James Knight said: "I am delighted to report that Keystone delivered a strong trading performance across the year, further leveraging our unique operating model and market position within the legal profession.

"Our ongoing financial and operational momentum has been accelerated by a more fertile recruitment environment following the challenges of the last couple of years, and we look forward to building on this performance in the year ahead."

As of 1130 GMT, Keystone Law shares were 4.98% higher at 566.89p.

Reporting by Iain Gilbert at Sharecast.com