Keystone Law Group (KEYS) H2 2026 earnings summary

Executive summary

• Delivered strong growth with revenue up 17.9% year-over-year, driven by recruitment of high-calibre lawyers and robust client demand.

• Maintained a scalable, capital-light model with a tech-enabled platform and a progressive dividend policy.

• Record number of fee earners joined, supporting sustainable expansion and operational resilience.

Financial highlights

• Revenue reached £115.2m, up 17.9% from the previous year.

• Adjusted PBT increased 20.6% to £15.3m; adjusted PBIT rose 11.4% to £12.9m.

• Operating cash conversion was 98.9%; net cash position of £9.7m, debt free.

• Adjusted EPS grew 21.7% to 37.0p; ordinary dividends paid/declared totaled 24.7p per share.

Outlook and guidance

• Positive start to the new financial year with trading conditions largely unchanged except for the interest environment.

• Confident in delivering strong, sustainable growth; expect adjusted PBT to exceed pre-announcement market expectations.