Regulatory News

Keystone Law (AIM:KEYS), the fast growing, UK Top 100, challenger law firm, is pleased to announce the following pre-close trading update ahead of its final results for the year ending 31 January 2021 (the ‘period’).

Further to our Trading Update issued on 30 November 2020, the Board is pleased to report that trading throughout December and early January has been exceptionally strong.  Unlike previous years, where the Christmas season normally experiences a slowdown in activity, performance levels continued to be high throughout and as a result, the Board now expects to report adjusted profit before tax for the period which will be materially ahead of current market expectations⁽¹⁾.

James Knight, Chief Executive Officer of Keystone, said: “I am delighted that we are ending the year on such a positive note.  In what has been a very difficult year for many the core attributes of the Keystone model have really come to the fore.  The investment we have made over many years, in both the technology and the culture, has ensured that our lawyers have been fully operational all year and have continued to deliver high quality legal services to our clients.  Having said that, the strength of trading over the past two months has somewhat taken us by surprise.”

The Group will be announcing its final results for the year ending 31 January 2021 on Wednesday, 5 May 2021

⁽¹⁾ The Board considers current market consensus adjusted profit before tax to be £5.1 million.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

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Notes to editors

Keystone Law is a UK Top 100, fast growing, profitable and cash generative challenger law firm which in November 2020 was named “Law Firm of the Year” at the prestigious Lawyer Awards.  Established in 2002, Keystone is one of the first platform models disrupting the traditional law firms operating within the legal services mid-market.  Keystone's model permits rapid scalability, enabling the Group to increase the number of revenue generating lawyers more quickly than the traditional model.

As a full service law firm, Keystone delivers conventional legal services across more than 20 service areas and over 50 industry sectors to a client base comprising predominantly of SMEs and private individuals.  These services are delivered by over 345 experienced self-employed lawyers who work from their own offices; with no fixed remuneration their fees are calculated with direct reference to the income they generate for the Group.  The lawyers are fully supported by the Group's central office team of approximately 45 employees, and are therefore able to focus entirely on business development and the delivery of legal work.

With the head office located in the heart of London's legal district on Chancery Lane, the Group uses its bespoke proprietary software platform to enable Keystone's lawyers to interact with the central office team and each other in an easy and efficient manner, whilst extensive networking and social events engender a strong sense of belonging to the Keystone family.  The platform also drives interaction, co-operation and a strong corporate culture across the business.

Keystone joined the AIM market of the London Stock Exchange in November 2017, raising £15 million, under the ticker KEYS.  More information can be found at: www.keystonelaw.co.uk