Keystone Law sees revenue jump 24% in first results since IPO
Keystone posts strong revenue increase as it reveals flotation costs of more than £600,000
April 25, 2018 at 06:07 AM
2 minute read
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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
New Frontiers: Gaillard Banifatemi Shelbaya Launches in Cairo and Abu Dhabi
4 minute read
Travers Gives Holiday Bonus, Ropes & Gray Reduces Time Off Allowance
1 minute read
Japan’s Mori Hamada Joins Funder LCM for $150M Credit Suisse Bonds Claim
Trending Stories
- 1Gibson Dunn Sued By Crypto Client After Lateral Hire Causes Conflict of Interest
- 2Trump's Solicitor General Expected to 'Flip' Prelogar's Positions at Supreme Court
- 3Pharmacy Lawyers See Promise in NY Regulator's Curbs on PBM Industry
- 4Outgoing USPTO Director Kathi Vidal: ‘We All Want the Country to Be in a Better Place’
- 5Supreme Court Will Review Constitutionality Of FCC's Universal Service Fund
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
