LONDON (ShareCast) - (Sharecast News) - Keystone Law Group on Monday reported double-digit profit and revenue growth after a period of strong recruitment.
The law firm's profit before tax came in at £2.4m for the six months ended 31 July, up 12% on the same period last year, as revenue climbed 15% to £23.0m.

The AIM-traded company declared an interim dividend of 3.2p per share, up from 2.5p last year, and announced a special dividend of 8.0p per share.

The increase in revenue came as lawyer recruitment remained strong, with the number of qualified new applicants rising by 8% to 114 as 34 new lawyers joined during the period, up from 31 in the same period a year ago.

The company delivers conventional legal services to a client base comprising predominantly of SMEs and private individuals, with these services delivered by more than 300 experienced self-employed lawyers who work from their own offices. There is no fixed remuneration and their fees are calculated with direct reference to the income they generate for the group.

The company said it has also invested in new office space to deliver more meeting rooms, hot desks and an improved lawyer centre.

Chief executive James Knight said: "I am pleased to report another strong set of interim results, as reflected by both the group's financial and operational performance.

"The revenue and profit growth has been driven by the ongoing strength of the recruitment activity as we continue to attract high calibre principal lawyers looking to take advantage of the benefits that the Keystone model offers and build their practices. This is providing clear evidence of the group's ability to scale and take advantage of the considerable mid-market opportunity."

Keystone Law Group shares were down 3.81% at 505.00p at 1239 BST.

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