20th Feb 2023 10:27
(Alliance News) - Keystone Law Group PLC shares were up on Monday, after it said it expects full-year results to be marginally ahead of market expectations.
Shares in the London-based law firm were up 9.1% to 532.00 pence each in London on Monday morning.
Keystone said that the "favourable" market conditions reported in the first half of its financial year that ended on January 31 continued into the second half. It explained that client demand remained "robust".
Based on this, Keystone now expects both revenue and adjusted pretax profit for financial year 2023 to be marginally ahead of current market expectations.
Keystone reported 398 principals and a total of 507 fee earners at the year end. It said this was achieved despite the "ongoing competitive nature" of the legal recruitment market, as well as a backdrop of instability within the broader UK economy.
Chief Executive James Knight said: "There is no question in my mind that the benefits of the Keystone model have been completely validated by the shift away from conventional working practices experienced over the last few years, and I am confident that as the recruitment market stabilises we will see further impetus to our future growth."
Keystone will announce its final results for the financial year that ended January 31 on April 25.
By Sophie Rose, Alliance News reporter
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