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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Keystone Law Group Plc | KEYS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -8.00 | -1.23% | 640.00 | 16:35:15 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 648.00 | 644.00 | 650.00 | 640.00 | 648.00 |
| Industry Sector |
|---|
| HOUSEHOLD GOODS & HOME CONSTRUCTION |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 14/09/2023 | Interim | GBP | 0.058 | 21/09/2023 | 22/09/2023 | 13/10/2023 |
| 14/09/2023 | Special | GBP | 0.125 | 21/09/2023 | 22/09/2023 | 13/10/2023 |
| 24/04/2023 | Final | GBP | 0.109 | 15/06/2023 | 16/06/2023 | 07/07/2023 |
| 15/09/2022 | Interim | GBP | 0.052 | 22/09/2022 | 23/09/2022 | 14/10/2022 |
| 28/04/2022 | Final | GBP | 0.112 | 16/06/2022 | 17/06/2022 | 08/07/2022 |
| 28/04/2022 | Special | GBP | 0.1 | 16/06/2022 | 17/06/2022 | 08/07/2022 |
| 16/09/2021 | Interim | GBP | 0.045 | 23/09/2021 | 24/09/2021 | 15/10/2021 |
| 29/04/2021 | Final | GBP | 0.106 | 10/06/2021 | 11/06/2021 | 09/07/2021 |
| 14/09/2020 | Interim | GBP | 0.066 | 24/09/2020 | 25/09/2020 | 16/10/2020 |
| 23/09/2019 | Interim | GBP | 0.032 | 03/10/2019 | 04/10/2019 | 25/10/2019 |
| 23/09/2019 | Special | GBP | 0.08 | 03/10/2019 | 04/10/2019 | 25/10/2019 |
| 08/05/2019 | Final | GBP | 0.065 | 13/06/2019 | 14/06/2019 | 12/07/2019 |
| Top Posts |
|---|
Posted at 22/4/2024 23:20 by maddox Great results that reveal the attractive business model. The key growth driver is the recruitment of high calibre lawyers – 8.5% growth in Principal Lawyers in FY24. Revenue growth of 15%, with gearing and margins widening, translated into PBT growth of 23%. However, this translated into after tax eps growth of 13% - held back due to the tax rate increasing from 19% to 25%.Revenue also benefitted from revenue per Principal growing 10%. Net Interest income of £961k on client funds was a new line of revenue generated by the current high interest rates. This firm is highly cash generative with a 96% conversion ratio and has plenty of capacity to increase the future dividend pay-out. On a historic basis KEYS paid 30.8p dividends, including the Special Dividend a c.4.6% yield. The quality of the new intake of lawyers looks particularly good – this enhances the firms’ reputation and attracts more high-quality lawyers. KEYS has been the trail blazer of the platform model, but it is now gaining in popularity with circa 50 other firms emulating their platform model with some 3.5k lawyers. KEYS believe that their position at the lead of this growing trend is advantageous for recruitment and future growth. The Outlook statement is also positive, ‘2025 has started well. Our lawyers remain busy and early recruitment activity provides us with confidence in the year ahead.’ KEYS is a capital light, growth firm and prodigious cash generator. |
Posted at 17/4/2024 17:39 by sharesoc We're hosting a SIGnet Follow-Up Meeting on 8/5/24 at 7pm to analyse KEYS' Full Year Results presentation with IMC. SIGnet members can register here: |
Posted at 21/2/2024 07:16 by tkamp Strong update from KEYS. Ending the year with 432 principals was ahead of my forecasts. Numbers imply that revenue-per-principa |
Posted at 18/9/2023 09:55 by maddox Great to see KEYS have rediscovered their ability to recruit lawyers to their platform. To have an 'FY 2024 outlook comfortably ahead of current market expectations' is wonderful in the current economic gloom. This underlines the uncorrelated nature of legal services sector as an investment proposition. Positive potential read-across to other legal firms with 12.2% increase in client billing. It would be useful to get a more detailed understanding of the sub-sector drivers to the increased billing.More specifically, KEYS attractive business model shines through as this 14.9% growth in revenue translates into a 29.3% increase in PBT to £5.3 million (1H23: £4.1m) and 16.2% increase in basic eps 12.2p (1H23: 10.5p). The capital light nature of the business then generates strong operating cash conversion of 113.3%. This high gearing is a huge plus point. Regards Maddox |
Posted at 14/9/2023 17:25 by ny boy I like, not many Companies debt free in an environment of higher rates and higher for longer, not surprised the results were well received. I’ve taken a position, see how recovery plays out this year and into ‘24Strong operating cash conversion at 113.3% with cash generated from operations of GBP6.3 million (H1 2023: GBP4.9 million). -- The Group remains debt-free with net cash of GBP11.3m (H1 2023: GBP7.5m) -- Declared interim ordinary dividend of 5.8p (H1 2023: 5.2p) and special dividend of 12.5p |
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 |
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