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Keystone Law hails client demand as profit jumps; outlook confident

18th Apr 2024 11:50

(Alliance News) - Keystone Law Group PLC on Thursday proposed a higher dividend as it reported a profit surge on the back of sustained client demand.

The London-based provider of legal services said pretax profit jumped 23% to GBP10.3 million in the financial year ended January 31, from GBP8.4 million a year prior.

Notably, revenue climbed 15% to GBP87.9 million from GBP76.4 million. The company called the financial year just passed "extremely successful," citing a return to recruitment levels last seen before the Covid pandemic.

Finance income jumped to GBP1.6 million from GBP221,810.

Cost of sales increased 15% to GBP65.1 million from GBP56.5 million.

The company proposed a final dividend of 12.5 pence per share, up from 11.2p a year ago, bringing the total payout to 18.3p, 14% higher than the 16.1p paid for financial 2023.

"We enter the new financial year confident in the ability of the business to continue to deliver high quality earnings and sustainable growth in the year ahead," said Chief Executive Officer James Knight.

Chair Robin Williams added that financial 2025 started well, with the company's lawyers being "extremely busy".

Keystone shares fell 3.6% to 641.00 pence each on late Thursday morning in London.

By Tom Budszus, Alliance News slot editor

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