The third UK law firm to list on the London Stock Exchange, Keystone Law has announced strong results for its last financial year, with revenue up 24% to £31.6m and EBITDA increasing by 43% to £3.27m.
The company, which has a number of offices across the UK and a central office located on London’s Chancery Lane, generated a pre-tax profit of £1.93m in the 12 months to January 31 2018, a year-on-year increase of almost 61%. Meanwhile its team of partner-level fee earners grew from 228 to 266.
Keystone’s share price has been rising steadily since its successful admission in November last year, in a listing which saw the firm raise gross proceeds of £15m in an oversubscribed placing.
Having floated at 160p, it closed yesterday on 257p.
On admission, Keystone cited transparency and the provision of a resilient and stable platform upon which to support its quality-centric growth plans long into the future. Six months on and the firm’s maiden results see it comfortably ahead of expectation.
James Knight CEO and founder said:
“I am pleased to report that the Group has delivered a positive maiden set of final results, with strong performance driving revenue and EBITDA growth. Our business model has led to impressive cash conversion within the business. I am delighted to have successfully completed our recent IPO and strongly believe that Keystone is well-positioned to take advantage of the significant market opportunity in the UK legal services market, which we believe is ripe for disruption.
“The ability of our clear strategy to deliver organic growth has been demonstrated by the rising number of fee earners joining the business, as our distinctive platform model proves increasingly attractive to quality lawyers and their valuable clients.
“As Keystone’s first mover advantage enables further expansion, we look forward to delivering sustainable organic growth to our shareholders as we embark upon our journey as a publicly listed company.”