Profits bounce back at upbeat Keystone

Listed remote working firm Keystone has reported strongly growing profits in an upbeat set of interim results. 

In the six months to 31 July, Keystone’s pre-tax profits rose by 29.3% to £5.3 million on turnover up 14.9% to £42.3m. The business declared an interim ordinary dividend of 5.8p and a special dividend of 12.5p. 

The 'tech-enabled challenger law firm' also added to its headcount, reporting ‘strong market and recruitment momentum’ during the period. The number of principals rose from 398 to 415 and fee earners from 507 to 523. 

According to the stock exchange announcement, the firm is 'confident that business will continue to trade well for the rest of the year and that FY2024 results will be comfortably ahead of current market expectations'. 

James Knight, chief executive, said he was ‘delighted’ with the results. 'As anticipated, recruitment market conditions have moved in our favour and Keystone’s model continues to prove highly attractive to the high-calibre lawyers we pride ourselves on being able to attract and retain,' he said. 

Shares in Keystone Law Group plc were trading at 490p this morning, down from a year high of 550p in July.