Shares in Keystone Law (KEYS) soared by more than a tenth on the news that it expects to report profits "comfortably ahead of current market expectations" for the year ending 31 January 2019. This marks the law firm's first full 12 months of trading on London’s junior market, having floated in November 2017.
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For house broker Panmure Gordon, Keystone’s market-beating guidance reflects sustainable margin improvement, good growth in net new hiring and higher revenue-per-fee-earner metrics than previously anticipated. The broker has upgraded its adjusted pre-tax profit forecasts for 2019 and 2020 by 9 per cent and 8 per cent, respectively – taking its estimate for 2019 to £4.8m, up from £2.9m in 2018.
