KEYSTONE LAW GROUP PLC - H1 Results

Keystone Law Group PLC’s 2026 interim results highlight another period of strong company performance, with revenue increasing 22.5% to £66.3 million and adjusted profit before tax rising 31.3% to £9.6 million. The innovative, consultant-led law firm model continues to support scalable growth, strong cash generation and attractive margins, with adjusted PBIT increasing 31.6% to £8.1 million and the adjusted PBIT margin improving to 12.3%. Revenue per principal rose 14.5% to £133,800, supported by broad-based client demand, particularly across corporate and corporate restructuring, alongside continued recruitment of high-calibre lawyers. Keystone added 23 principals during the period, taking total principals to 501 and total lawyers to 682. The Group’s efficient paid-when-paid model delivered cash conversion of 95.6% and a net cash position of £10.5 million, with no debt and debtor days maintained at 33. Shareholder returns remained a key focus, with a £1.5 million share buyback, a 9.6 pence interim dividend and a 15 pence special dividend. Alongside financial results, Keystone continues to invest in its technology, infrastructure and brand, including the ongoing rollout of Thomson Reuters’ CoCounsel AI tool to enhance lawyer productivity and competitiveness. Management remains confident in the outlook, expecting to be comfortably ahead of the previous year on revenue and materially ahead on profits during the second half. With a strong reputation, flexible operating model, expanding lawyer base and continued investment in AI, Keystone is well positioned to deliver sustainable long-term growth.