Keystone Law Group Plc

0.00 (0.0%)
Share Name Share Symbol Market Stock Type
Keystone Law Group Plc KEYS London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.0% 449.00 08:00:00
Open Price Low Price High Price Close Price Previous Close
449.00 449.00 449.00 449.00
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Keystone Law KEYS Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 24/4/2023 09:55 by maddox
Very solid results - beating the market analyst consensus forecasts. Highlights:

>> Revenue £75.3 million (2022: £69.6 million) growth of 8.1%;

>> PBT of £8.4 million (2022: £8.4 million);

>> Adjusted basic EPS of 24.2 pence, up 2.5% from 23.6 pence;

>> Cash conversion at 96.5% £9.3 million (2022: £10.0 million); debt-free;

>> Final dividend of 10.9p (2022: 11.2p), bringing total DPS for the year to 16.1p (2022: 15.7p).

Lawyer recruitment - the key growth driver - is under pressure in a highly competitive market. Hopefully, the return to face-to-face events and networking will help recruitment recover.

Posted at 10/5/2022 12:36 by alphabeta4
I can only assume Maddox IC are referring to keys central staff, but yes, in terms of lawyer wage inflation that would help keys revenue and will be a bigger number than their central costs increase.
Posted at 28/4/2022 14:50 by maddox
Investors Chronicle KEYS Buy 705p 'Keystone stands out from legal crowd'
'Law firm’s clever business delivers strong growth, in spite of tight jobs market'

The journalist Jemma Slingo says 'Wage inflation is a big problem for law firms, whose success is rooted in the quality of their solicitors. So far, however, Keystone seems to have dodged the worst.'

Surely, but tell me if I'm wrong, KEYS benefits from wage inflation - as they don't pay their Lawyers - they take a slice of their income.


Posted at 28/4/2022 12:57 by maddox
Thanks tkamp,

The Knights (KGH)update now appears anomalous, perhaps attributing to the market what was more an in-house problem? RBGP's subsequent strong results put that concern to rest in my mind. Also, I may be wrong, but I doubt that Russian Oligarchs are driving KEYS' Lawyers' revenue.

As to recession, it's the largely uncorrelated nature of the Legal Services Market that I find appealing. Some parts of the Legal Services Sector do well out of a poor business climate and disruption (Litigation, Family, Restructuring, Insolvency) that balance those that are supressed (Property, Corporate activity).

How KEYS respond to changing market conditions is definitely something to keep an eye on.

Thanks for your thoughts again, always good to have different perspectives.

Regards Maddox

Posted at 28/4/2022 10:22 by maddox
These are a sparkling set of results (FY to 30Jan22) - particularly in the circumstances of Covid. Really demonstrates the strength in the KEYS platform approach driving high-quality earnings.

Whilst the growth in the number of Principle Lawyers recruited grew by a respectable 6.7% during the year the revenue grew 26.5% in a strong legal services market. However, this translated into PBT growth of 55% and basic eps up 42.7% showing superior Operational Gearing and Cash generation - 102% cash conversion. The final dividend of 11.2p gives a +48% for the full year and a 10p Special Dividend on-top.

KEYS' capital-light and operationally-light platform model is clearly strategically strong. Based on the outlook statement, it remains attractive:

>> The current financial year has started well with lawyers remaining busy.

>> We have made a fair start on recruitment, continuing to attract high quality candidates.

>> Well placed to deliver another strong performance.

Can anyone find something of concern in these results - because I can't?

Regards, Maddox

Posted at 28/4/2022 08:50 by investing2retire
ive bought back in after todays update. looks good especially with the special divi
Posted at 21/2/2022 18:26 by km18
...from last year...

Company overview:
Keystone Law was established in 2002 by a group of pioneering lawyers. The firm bases its business model on modern working practices and offers bespoke and dynamic service. KEYS is serving thousands of clients , including RBS, Siemens, Bosch, BBC, through its 350 lawyers and 45 support staff. In their latest report the company confirms its commitment to boost organic growth through recruitment with principles increase from 369 to 386 and pod members from 74 to 83 during the interim. This is further supported by a close look at the financials, as the last acquisition was in 2015. The goodwill has not been impaired during the last 5 years and should be observed with caution, but with a net income matching the whole goodwill amount, this should not drive the bottom line in the red.
Fundamentals of the company are a joy to look at. Revenue CAGR is currently at 21.4%, which is transformed to a whopping 51.1% on net profit level. EPS has grown every year in the past 6 years and ROCE is at 30.7%. The issue is that you pay for this outstanding performance. P/E for 2020 was at 55.4, which if they managed to meet the growth pencilled on Stockopedia will drop to 43 for this period and 38.3 in 2023
The interim report from today presents a growth in revenues of 37.6% compared to last year’s (H1 2021 for them as financial year ends in January) equivalent period, at £33.7m. PBT is 118% up from the H1 2021 at £4.3m and EPS of 10.8p is 109% ahead. Keystone saw strong cash generation and remained debt free. The firm is enjoying high activity levels across all practices and the outlook is for it to remain “buoyant”. With the restrictions relaxing and returning to office the management foresees performance will be “materially ahead of current market expectations” for the rest of the year.

Short analysis:

Cash increased due to strong CFO even in the presence of repayments of lease liabilities
CA/CL = 1.67
Cash ratio = 0.46
Interest coverage = 90.06
P/S TTM = 4.33, which is on the expensive side of the industry
BV ps (2020) = 53, growing at 94.8% CAGR
Operating profit
Gross profit Margin 26.5%, vs 25.8% H1 2021...

...from WealthOracleAM

Posted at 26/11/2021 08:37 by tomps2
Alexandra Jackson Interview with PIWORLD

Alexandra Jackson mentions Keystone Law #KEYS at 6m05s in the latest PIWORLD interview

Watch the video here: Https://

Or listen to the podcast here: Https://

Posted at 21/1/2021 17:34 by maddox
We had a inkling that legal services were experiencing strong demand back in October when RBGP reported 'Rosenblatt Limited ("RBL") has continued to trade well with case value and volumes remaining significantly ahead year-on-year.'

KEYS in November were a bit more measured 'performed well throughout the second half to date' despite Covid-19, and 'now expects to deliver profits for the year comfortably ahead of current market expectations' This has now become the far more positive 'expects to report adjusted profit before tax for the period which will be materially ahead of current market expectations'

Always think it useful to understand how the results/updates narrative is pitched and how well performance correlates across the different firms and markets.

Does anyone have good insight into the drivers of this demand? Is WFH generating a lot of divorce cases for example?

Posted at 21/1/2021 08:40 by alphabeta4
Very impressive update, taking the usual 'materially ahead' to mean at least 10% then pbt forecast at least £5.61m. Would imply H2 pbt of at least £3.4m.

Cash at interims was £6.9m, £1m dividend paid since, £3.4m x say 80% is £2.72m. £4.4m cash on finals so now have c£4.22m extra cash vs then or c14p a share.

Last year pbt £5.8m so forecast now circa 3% under. Share price back then £6.20, implies (£6.20*0.97)+14p for £6.16 minimum target. Seeing as consensus forecast forward pbt was £6.41m back then and they have just done £3.4m H2 would imply there's a case prospects are more solid vs back then (presumably from underlying business growth from fact they've still been adding partners in the recession). If so then could be further upside on the £6.14. A cautious £6.8m pbt forecast (£3.4m*2) would add another 6% to this target (6.8/6.4) for a target price of £6.52.

All IMHO of course but enough for me to have added this morning, looks a quick 20% available and potential for positive surprises.

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