Keystone Law Expects Annual Profit Well Ahead Of Market Expectations

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LONDON (Alliance News) - Challenger law firm Keystone Law Group PLC said Wednesday it expects profit to "comfortably" beat market expectations ahead of its maiden results since November's initial public offering.

Keystone said it has traded "strongly" in the 12 months to January, and added it is well positioned to establish itself as a leading UK mid-market law firm.

During the period, it said it continued to invest in both infrastructure and recruitment to support and drive further growth.

The company began trading on AIM in London in late November after an oversubscribed initial public offering of GBP15.0 million, comprising GBP9.4 million from placing of 5.9 million new shares, GBP600,000 million through the issue of 395,466 subscription shares, and GBP5.0 million for existing shareholders selling 3.1 million shares, all at a price of 160.00 pence per share.

Keystone Law now has 31.3 million shares issued overall, with a market capitalisation of GBP50.0 million.

Its shares were up 3.6% on Wednesday at 256.00p, with a market of around GBP83.1 million, well above November's figure.

Results for the year will be released on April 25.

By George Collard; [email protected]

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