Business
Half Year Results
Half Year Results.
About this update from Keystone Law Group Plc
[{"type":"text","content":"\n\n14 September 2023\n \n\n \nKeystone Law Group Plc\n('Keystone', the 'Group' or the 'Company')\nInterim results for the six month period ended 31 July 2023\n- Strong client demand drives excellent operational and financial performance with a 25.2% increase in adjusted PBT\n- Ongoing business confidence supports interim ordinary dividend of 5.8p and special dividend of 12.5p\n- FY 2024 outlook comfortably ahead of current market expectations(1)\nKeystone, the network and tech-enabled challenger law firm, is pleased to announce its interim results for the six months ended 31 July 2023 (\"H1 2024\").\n\nFinancial Highlights:\n· Revenue growth of 14.9% to £42.3 million (H1 2023: £36.8 million)\n· Revenue per Principal up 12.2% to £104k (H1 2023: £92.8k)\n· PBT increased 29.3% to £5.3 million (H1 2023: £4.1 million)\n· Adjusted PBT increased 25.2% to £5.7 million (H1 2023: £4.5 million)\n· Adjusted basic EPS of 13.6p, up 22.5% (H1 2023: 11.1p)\n· Strong operating cash conversion at 113.3% with cash generated from operations of £6.3 million (H1 2023: £4.9 million).\n· The Group remains debt-free with net cash of £11.3m (H1 2023: £7.5m)\n· Declared interim ordinary dividend of 5.8p (H1 2023: 5.2p) and special dividend of 12.5p\n \nOperational Highlights:\n· Recruitment market conditions evolved positively\n· Keystone generated strong market and recruitment momentum during H1 2024:\no 144 qualified high-calibre new applicants (H1 2023: 122)\no 25 Principals joined, increasing the number of Principals to 415 (31 January 2023: 398)\no Total fee earners increased to 523 (31 January 2023: 507)\n· Ongoing investment in our people, culture and technology platform\n \nCurrent Trading and Outlook:\n· Activity levels and client demand remain strong\n· Recruitment market conditions have moved in the Group's favour, wi...