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  • 30 Nov 20
Keystone Law - Trading Update - Ahead of Market Expectations

Keystone Law has announced a trading update indicating that the Group has performed well through the second half of the year and that like-for-like performance has returned to near pre-COVID levels. This results in the Group expecting to see results “comfortably ahead of current market expectations” for FY21 which we see as a strong message and reiterate our buy rating.

Companies: Keystone Law Group Plc
  • 14 Sep 20
Keystone Law - FY21 Interim Results – Solid in market context

Keystone Law has reported good top line growth YoY for the first half albeit with PBT below last year. In the context of Covid-19 and lockdown in the UK, we see this as a solid performance. The stock has underperformed significantly in the past couple of months suggesting to us that market expectations were low heading into the results and the recommencement of the dividend should support better performance going forward.

Companies: Keystone Law Group Plc
  • 28 Apr 20
Keystone Law

FY20 Results – Resilience for FY21

Companies: Keystone Law Group Plc
  • 25 Nov 19
Cracking the WIP; a deep dive into sector fundamentals and trends

With 6 law firms now listed in the UK, and likely more to come, the listed legal model is gaining clear momentum, with significant outperformance against the broader market (sector index up c.25% against c.10% ASX Index, YTD). We publish a follow-on from our sector note published earlier this year; ‘Courting success: the future of listed legals’, exploring three separate areas; o The broader legal services market o Developments within the listed legal sector o A quantitative deep-dive into

Companies: Keystone Law Group Plc (KEYS:LON)Knights Group Holdings Plc (KGH:LON)
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

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  • 02 Oct 19
Interim results; slight upgrades to FY20E

Keystone’s interim results, out last week, saw H1 revenues of £23.0m (up 15.3%), with Adj PBT of £2.7m (up 15.3%). Cash conversion remained strong at 90.3%, with net/gross cash (no debt) increasing to £6.4m. An interim dividend of 3.2p, and an 8p special dividend was declared. We nudge up FY20E revenues by c.1%, to £49.0m with a c.1.5% increase at Adj PBT level to £5.7m, albeit leave FY21E forecasts unchanged. At 35.2x FY20E (31.3x FY21E), we maintain our PT of 520p and Neutral recommendation.

Companies: Keystone Law Group Plc
  • 23 Jul 19
Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

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  • 17 May 19
Upgrades to forecasts, release of FY22E numbers

Following FY19A results last week, we upgrade FY20E and FY21E forecasts to reflect an increase in business momentum. We increase FY20E revenues by 3.0% to £48.6m, and adjusted PBT 6.7% to £5.6m. For FY21E we nudge up revenues by 1.3% albeit keep earnings broadly flat. Our newly released FY22E forecasts expect £62.3m of revenues and £7.2m Adj. PBT. We increase our PT to 520p from 460p (set by DCF) on updated forecasts, yet remain Neutral.

Companies: Keystone Law Group Plc
  • 08 May 19
FY19 Results ahead of expectation

Keystone Law released FY19 results this morning, coming in ahead of forecasts with revenues of £42.7m (Arden £40.8m) and Adj. PBT of £5.1m (Arden £4.8m), despite having upgraded forecasts in January upon pre-close trading update. We highlight strong double-digit topline growth of 35.1%, outstripped by PBTA growth of 56.8% due to a one-off piece of work at higher margin and the operational gearing of the Keystone model. The shares travelled well into results, and trade on a relatively full-lookin

Companies: Keystone Law Group Plc
  • 11 Apr 19
Quarterly Research Outlook

We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underl

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  • 01 Feb 19
Most popular equity research this week | 28 Jan - 1 Feb

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  • 31 Jan 19
Quarterly Research Outlook

The market has not faced quite so many conflicting challenges for a number of years, whether related to global geopolitics, trade wars, ongoing Eurozone issues or the “will they, won’t they” saga of Brexit. In our Best Ideas, we sought to highlight stocks that present investors with interesting opportunities following recent market moves. Those stocks, we believe, warrant investor attention, in many cases for uncorrelated or stockspecific reasons, regardless of the near-to-medium term market dir

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  • 25 Jan 19
Upgrades to forecasts

We update our forecasts following Keystone Law’s trading update on Monday 21st January. The Company’s pre-close trading guided to reported profits comfortably ahead of current market expectations, and we model c.8% upgrades to FY19E Adjusted EPS as a result.

Companies: Keystone Law Group Plc
  • 08 Jan 19
All rise!

The UK legal service sector looks intrinsically attractive to investors, with its inherent high added-value, resilient growth through all but the very worst of economic times and fragmented nature. Five companies representing about 1% of the huge UK legal sector are all we have seen so far on the UK stock market and this is clearly going to grow, as listed law firms drive home their advantages and expand. Their UK domestic focus has brought share prices under pressure which looks wrong given the

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  • 03 Nov 18
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Keystone Law Group Plc

Company Profile

  • Personnel
  • James David Knight, CEO
  • Ashley Rupert Miller, Finance Director

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Keystone Law Group Plc. We currently have 154 research reports from 9 professional analysts.

  • Open: 630p
  • Range Today: 610/650p
  • 52 Week: 523/910p
  • Daily Volume: 39.9k
  • Daily Liquidity: 0.13%
  • # Shares: 31.3m
  • Market Cap: £197.0m
  • Latest PE (hist): 32.49
  • Div Yield: 2.29

Latest News/RNS

(more news)
Date Source Announcement
28Apr22 07:00 RNS Keystone Law Grp PLC - Final Results
22Mar22 14:06 RNS Keystone Law Grp PLC - Second Price Monitoring Extn
22Mar22 14:00 RNS Keystone Law Grp PLC - Price Monitoring Extension
18Jan22 14:22 RNS Keystone Law Grp PLC - Notice of Final Results
30Nov21 07:00 RNS Keystone Law Grp PLC - Director Shareholding
17Nov21 17:04 RNS Keystone Law Grp PLC - Director Shareholding
06Oct21 15:48 RNS Keystone Law Grp PLC - Director/PDMR Shareholding
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  • 17 May 22
SHORE CAPITAL - Sureserve Group (SUR) - House Stock at 85p


Companies: Sureserve Group Plc
  • 19 May 22
SHORE CAPITAL - Begbies Traynor Group+ (BEG, House Stock, 125p)


Companies: Begbies Traynor Group plc
  • 18 May 22
SHORE CAPITAL - Macfarlane Group ( MACF) - House Stock at 118p


Companies: Macfarlane Group PLC
  • 17 May 22
Cenkos: FRP Advisory Group Plc -- Trading ahead of expectations

FRP has released a very positive FY22E trading update in which it expects revenue would be £95.2m (+21% YoY; we had forecast £88.6m) and Adj EBITDA would be £25.7m – up 12% YoY and comfortably ahead of our £24.2m forecast. Given that the UK administrations market declined 22% YoY in FY22E (as Government support measures offered a temporary lifeline to many businesses), we see this as an excellent performance, which demonstrates FRP's resilient ability to grow throughout economic cycles. With bus

Companies: FRP Advisory Group Plc
  • 20 May 22
Hybridan Small Cap Feast 20/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th

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  • 10 May 22
Hybridan Small Cap Feast 10/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No leavers Today. What’s cooking in the IPO kitchen? EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). ASICs are integrated circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help differentiate products through optimised hardware thereby making products smaller, faster, lower power and more

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  • 18 May 22
Morning Note – 18 May 2022


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  • 18 May 22
A decent performance in FY21/22 but the outlook disappoints

While Experian reported a decent close to FY21/22, with revenues and benchmark EBIT in line with the consensus, the FY22/23 guidance of 7-9% organic growth left investors wanting more. Additionally, the group guided for a mortgage headwind of c.1.5%, which is lower vs peers but they are more exposed to the vertical. However, the strong cash generation and 10% increase in dividend were encouraging. We will revise our estimates slightly upwards and will likely maintain our positive stance on the s

Companies: Experian PLC
  • 11 May 22
Anexo Group* -

Stronger than expected results: Trading was robust last year, with FY21 group revenues +36.2% to £118.2mn. Anexo had guided in January that pre-tax profits would significantly exceed market expectations and adj. PBT of £24.1mn for the full year was +49.7% y/y, broadly in line with our revised forecast. This was even after significant investment across the group, which together with a favourable market backdrop, under-pins our FY22 forecasts, with an upward bias to FY23. Finally, we continue to e

Companies: Anexo Group Plc
  • 18 May 22
Hybridan Small Cap Feast 18/05/22

Dish of the day Joiners: Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa has joined the Access Segment of the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business ne

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  • 23 May 22
Middle East exposure materially de-risked

Driver Group has issued a positive update on its Middle East operations, in particular the UAE. It has agreed with an unnamed counterparty that 25 employees will transfer to the counterparty on 1st June, resulting in annualised cost savings of >£3m, with no associated exceptional termination costs. This compares to the £1m in cost savings identified within the 29th March update. The counterparty will also assist in collecting the associated debtor book of c.£3.5m, c.£2m of which it will pay upfr

Companies: Driver Group Plc
  • 23 May 22
Hybridan Small Cap Feast 23/05/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in the UK and Europe.

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  • 23 Mar 22
Knights Group Holdings - Challenging Times – Stay Neutral

While we would argue there were some underlying signs of challenges at Knights (H1 growth underwhelmed, management selling shares, channel checks with other industry players), the 50% fall in the share price points to a sharp shock to the market. The reaction suggests a significant confidence hit in the ability to continue to execute the Knights model and how deep-rooted any Knights-specific issues might be. We expect this could take time to reverse.

Companies: Knights Group Holdings Plc
  • 23 May 22
Sureserve - HY Results - May 2022

Sureserve has released was a solid interim report, with 24% revenue growth and 41.7% EBITA growth driven by multiple parts of the business, including a good performance from recently acquired CorEnergy. The only slight concern we note is pricing of labour, materials, and energy – though it's worth noting that Sureserve's business isn't directly impacted gas wholesale prices as it's an energy agnostic supplier of heating equipment and maintenance, amongst other things. The outlook is promising

Companies: Sureserve Group Plc
  • 03 May 22
The Hardman & Co Monthly: May 2022

Feature article: Latest ONS survey: steady as she goes…and ignore retail investors at your peril The ONS (Office for National Statistics) has been charting the beneficial ownership of UK-quoted companies periodically since the early 1960s. The latest paper was published in March 2022, and considers the data for December 2020. At December 2020, “Rest of the World” investors owned 56.3% of the market, a further growth since the last survey, while UK institutions’ ownership edged up to 31.6%.

Companies: VTA TRX SCE STX AVO ARBB PANR RECI PCA OCI IBT ICGT FAS FCSS FEV FJV FSV DNL CLIG BBGI