Keystone Law has reported a 24% increase in revenue to £31.6m for the year ended 31 January 2018, in its first results since floating.

Alongside the revenue increase, the firm saw operating profit rise 29% from £1.7m to £2.3m, alongside a gross profit increase of 32% from £6.5m to £8.7m.

Keystone Law became the third UK law firm to list on the London Stock Exchange in November 2017. The firm originally floated at 160p per share, valuing the company at about £50m. Yesterday (April 24), the value per share closed at 257p.

The results also show that the float on the alternative investment market (AIM) raised gross proceeds of £15m, with flotation costs amounting to £603,581.

Staff costs at the firm rose 17% during the year, up to £2.3m from £1.9m. This came alongside an increase in fee earners from 228 to 266.

Keystone Law CEO and founder James Knight (pictured) said: "This is our first set of annual results since we listed on AIM back in November of last year, so it was crucial that we demonstrated, to our investors, an ability to perform in the manner we indicated at the time of the IPO.

"I am therefore delighted that we have been able to show such strong revenue growth and robust profits and I am very pleased to say that the same has been achieved by delivering excellent service to a greater number of clients, rather than by compromising any aspects of the Keystone business model that makes this firm such a wonderful place to be."

Established in 2002 and converted into an Alternative Business Structure in 2013, Keystone Law began as a virtual law firm, with its lawyers using technology to work from their own offices or homes. The firm then opened a string of offices across the UK as well as the Channel Islands and Australia.

Earlier this week, Rosenblatt Solicitors announced its intention to become the fourth UK law firm to go public. The firm's float will follow those of Keystone Law, Gordon Dadds and Gateley.