Keystone Law Group expects to meet full-year expectations

18th Apr 2024 08:51

(Sharecast News) - Keystone Law Group posted higher full-year revenues and profit, and said it expected to meet market expectations for the year ahead.

Revenues for the year ending on 31 January increased 15.1% to £87.9m and by 10% per principal to £212,000.

Adjusted profit before tax meanwhile rose by nearly 23% to reach £11.3m with the company's margins widening by seven tenths of a percentage point to 12.8%.

That resulted in adjusted basic earnings per share of 27.4p.

In parallel, cash from operations grew 11.8% to £10.4m.

The board proposed a final dividend of 12.5p per share, which would take the total payout for the year from 16.1p per share in 2023 to 18.3p.

That was on top of the special divi of 12.5p paid out earlier in the year.

Management said that the beginning of the new fiscal year had seen "ongoing client demand" and that it was still seeing a good flow of high quality candidates.

The listed attorneys group was coming out of a hiring war during the preceding two years.

As of 1143 BST, shares of Keystone Law Group were off by 3.76% to 640p.