Interim Results for the six months ended 31 July 2025

- Expecting FY 2026 revenue and adjusted PBIT to be ahead and adjusted PBT comfortably ahead of current market expectations(1)
- Recruitment conditions remained positive, with Keystone adding 30 new Principals ongoing growth in Pods
- Interim dividend of 7.5p, reflecting balance sheet strength and confidence in the outlook

Keystone, the tech-enabled platform law firm, is pleased to announce its interim results for the six months ended 31 July 2025 (‘H1 2026’ or the ‘Period’).

Financial Highlights:

• Revenue growth of 16.5% to £54.2 million (H1 2025: £46.5 million)
• Revenue per Principal up 9.9% to £116.8k (H1 2025: £106.3k)
• Adjusted PBIT up 11.2% to £6.2million (H1 2025: £5.6million)
• Adjusted PBT up 20.4% to £7.3 million (H1 2025: £6.1 million) representing an adjusted PBT margin of 13.6% (H1 2025: 13.1%)
• Adjusted basic EPS of 17.8p (H1 2025: 14.6p)
• Cash generated from operations up 10.1% to £6.8 million (H1 2025: £6.2 million) with operating cash conversion of 104.2% (H1 2025: 106%); the Group retains a strong balance sheet with net cash of £6.5 million (H1 2025: £8.3 million) having paid out both final ordinary and special dividend for FY 2025 in the Period.
• Declared interim ordinary dividend of 7.5p per share (H1 2025: 6.2p)

Operational Highlights:

• Consistently strong operational performance continues to deliver high quality, sustainable growth
• Keystone continues to take advantage of positive recruitment market conditions:
• 164 new applicants in the Period (H1 2025: 153)
• 30 high-calibre new Principals added in the Period bringing total Principals to 472 (31 January 2025: 455), reinforcing Keystone’s brand and market position
• Principals continue to drive growth of Pods with other fee earners increasing 19 in the Period to 140

• Driving forward an AI strategy focused on delivering real value and real-life solutions
• Initiated marketing brand refresh to reflect Keystone’s enhanced position within the legal market
• Continued excellence of service delivery across all the Central office team

Current Trading and Outlook:

• The Group has made a positive start to H2 2026
• The Board are confident in the ongoing success of Keystone and expect revenue and adjusted PBIT for the year ending 31 January 2026 (“FY 2026”) to be ahead of current market expectations, whilst the newly renegotiated interest rates mean that adjusted PBT is expected to be comfortably ahead (1).

(1)    Management understands current market expectations for 2026 ahead of this announcement to be revenue £103.6million and adjusted PBIT and adjusted PBT of £12.0million and £12.9million respectively.

James Knight, Chief Executive Officer of Keystone, commented:

“I am delighted that the business continues to deliver such strong operational and financial performance, further reinforcing our ongoing investment in both people and our platform.  As we maintain our reputation and leading position as the premier platform law firm, we remain confident that Keystone will continue to attract the high-quality talent needed to drive the business forward, delivering sustainable, long-term profits”.

 

For further information please contact:

Keystone Law Group plc
James Knight, Chief Executive Officer
Ashley Miller, Finance Director
www.keystonelaw.com
+44 (0) 20 3319 3700

Panmure Liberum Limited (Nominated Adviser and Joint Broker)
Atholl Tweedie (Corporate Finance)
Rupert Dearden (Corporate Broking)
www.panmureliberum.com
+44 (0) 20 7886 2500

Investec Bank plc (Joint Broker)
Carlton Nelson /
James Rudd / Thomas Brookhouse
www.investec.co.uk
+44 (0) 20 7597 5970

Vigo Consulting (Financial Public Relations)
Jeremy Garcia / Fiona Hetherington
keystonelaw@vigoconsulting.com
+44 (0)207 390 0233

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”).

Notes to editors
Keystone (AIM: KEYS) is a highly scalable, premier tech-enabled platform law firm. Ranked within the UK Top 100 law firms, providing conventional legal services in a £12bn addressable market through its differentiated platform model which has three defining characteristics:

• Lawyers have freedom, flexibility and autonomy, and are paid up to 75% of what they bill.
• Lawyers determine how, when and where they work, in contrast to the conventional law firm model.
• Lawyers are provided full infrastructure and support via its central office team, bespoke user-friendly IT platform, and network of colleagues and events.

Keystone is a full-service law firm, with 20 service areas and more than 50 industry sectors delivered by over 450 high calibre self-employed Principal lawyers who work from their own offices.

More information about Keystone can be found at www.keystonelaw.co.uk.