Half Year Report
14 September 2026
- Expect FY 2027 revenue to be comfortably ahead and profits to be materially ahead of current market expectations (1)
- Continued rollout and adoption of AI tools enhances Keystone’s technology platform
- Interim ordinary dividend of 9.6p and special dividend of 15p reflecting ongoing balance sheet strength and confidence
Keystone, the premier tech-enabled platform law firm, is pleased to announce its interim results for the six months ended 31 July 2026 (‘H12027’ or the ‘Period’).
Financial Highlights:
- Revenue growth of 22.5% to £66.3 million (H1 2026: £54.2 million)
- Revenue per Principal up 14.5% to £133.8k (H1 2026: £116.8k)
- Adjusted PBT up 31.3% to £9.6 million (H1 2026: £7.3 million) representing an adjusted PBT margin of 14.5% (H1 2026: 13.6%)
- Adjusted basic EPS of 23.1p (H1 2026: 17.8p)
- Cash generated from operations up 19.2% to £8.1 million (H1 2026: £6.8 million) with operating cash conversion of 95.6% (H1 2026: 104.2%)
- Strong balance sheet with net cash of £10.5 million (H1 2026: £6.5 million)
- Declared interim ordinary dividend of 9.6p per share and special dividend of 15p (H1 2026: interim ordinary dividend 7.5p)
Operational Highlights:
- Ongoing operational strength underpins high-quality sustainable growth
- Maintained solid recruitment activities despite ongoing geo-political uncertainty
- 148 new applicants in the Period (H1 2026: 164)
- 23 high-calibre new Principals added bringing total Principals to 501 (31 January 2026: 491), reinforcing Keystone’s brand and market position
- Principals continue to grow their Pods with net growth of 18 other fee earners in the Period bringing total fee earners to 682 (31 January 2026: 654)
- Extended AI capabilities with rollout of CoCounsel Legal, a professional-grade generative AI tool specifically designed for the legal industry, complementing additional AI tools deployed in FY2026
- Completed brand refresh, launching new website alongside the production of extensive marketing collateral
- Central office team continues to provide service delivery excellence
Current Trading and Outlook:
- The Group has made a positive start to H2 2027
- The Board now expects that Keystone will deliver FY 2027 revenue comfortably ahead and profits materially ahead of current market expectations(1),
(1) Management understand market expectations prior to this announcement for FY2027 to be: revenue £123m, adjusted PBIT £13.8 and adjusted PBT £15.8m.
James Knight, Chief Executive Officer of Keystone, commented:
“I am extremely pleased with Keystone’s performance in the Period. Strong demand across the business, continued recruitment of high-calibre lawyers and disciplined investment in our platform have delivered excellent financial performance and further strengthened our market-leading position.
We continue to invest in our technology, brand and community, including the rollout of further market-leading AI tools, to ensure our lawyers have the infrastructure and support they need to grow and sustain successful practices. With a strong first half and an encouraging start to H2, we remain confident in Keystone’s ability to deliver sustainable long-term growth.”
Analyst Briefing
A virtual meeting for sell-side analysts will be held virtually at 9.30 a.m. on Monday, 14 September 2026. Sell-side analysts wishing to attend this event can register via email at: keystonelaw@vigoconsulting.com
Retail Investor Presentation
Keystone's management team will provide a separate presentation and Q&A for retail investors at 1.00 p.m. on Tuesday, 15 September 2026.
The presentation will be hosted on the Investor Meet Company platform, where questions can be submitted pre-event up until 9.00 a.m. on the day before the meeting, or at any time during the live presentation.
Investors can register for free and subscribe to alerts on Keystone by visiting:
www.investormeetcompany.com/keystone-law-group-plc/register-investor
Investors who already follow Keystone on the Investor Meet Company platform will automatically be invited.
For further information please contact:
Keystone Law Group plc
James Knight, Chief Executive Officer
Ashley Miller, Finance Director
+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
+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) the premier tech-enabled platform law firm. It is a highly scalable business with an organic growth strategy which has a proven record of delivering sustainable growth since its IPO in 2017. Ranked within the UK Top 100 law firms, Keystone provides conventional legal services in a £14bn 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 extensive experience across a wide range of sectors and specialisms. With over 500 high calibre self-employed Principal lawyers, supported by over 180 other fee earners, Keystone delivers dynamic services to its client base which ranges from fast growing start-ups to multinational corporations and high net worth individuals.
More information about Keystone can be found at www.keystonelaw.co.uk.