INTERIM RESULTS

FOR THE SIX MONTHS ENDED 31 JULY 2020

(H1 - 2021)

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HIGHLIGHTS

  • Excellent start to the year until lockdown which disrupted client demand
  • Revenue increased by 6.5% to £24.5m (H1 2020: £23.0m)
  • Adjusted PBT(1) down 18.4% to £2.2m (H1 2020: £2.7m)
  • Strong cash generation(2) of £3.3m (H1 2020: £2.6m)
  • Robust recruitment activity throughout
  • Two interim ordinary dividends declared 3.3p each
  1. Adjusted PBT - PBT plus amortisation and share based payment costs for both years and one off property costs in 2020 (see slide 7))
  2. Cash generation refers to cash generated from operations

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BUSINESS ACTIVITY

  • Keystone lawyers already work remotely so operationally unaffected by lockdown
  • Moved Central office team to remote working seamlessly and maintained 100% operational efficiency throughout
  • Impact on client demand was lumpy and affected practice areas differently
  • New client instructions significantly impacted
    • Dropped c 30% in first 6 weeks - now recovered to near pre Covid- 19 levels
  • Effect on overall activity levels mitigated by work on existing matters
    • Depth of drop off less pronounced to c 20%
  • Recruitment remained strong following initial lengthening of processes

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Keystone Law Group plc published this content on 14 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2020 06:09:00 UTC