Keystone Law Group

KEYS · AIM · Industrial Goods and Services · mcap £217m · 690.0p

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Financials · LTM to 31 Jul 26

Source: results 14 Sep 26 ↗

Revenue: £127m
Operating profit: £14.2m
Net income: £12.8m
Free cash flow: £11.5m
Net cash: £10.5m
Market cap: £219m
EV / EBIT: 14.6×
FCF yield: +5.3%
Price / book: 10.4×

Latest half-year · H1 Jul 26 vs H1 Jul 25 results 14 Sep 26 ↗

Revenue: £66.3m
Operating profit: £7.8m
Net income: £6.9m
Cash from operations: £6.2m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures · multi-year

Income statement Balance sheet Cash flow

Latest interim Latest annual

Half-year Results, published 14 Sep 26 · read the announcement ↗

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME · For the period ended 31 July 2026

	6 months to July 2026 (Unaudited) £	6 months to July 2025 (Unaudited) £
Revenue	66,348,606	54,151,537
Cost of sales	(49,435,074)	(40,358,020)
Gross profit	16,913,532	13,793,517
Trade receivables impairment	(1,108,171)	(265,266)
Corresponding reduction in trade payables	809,814	180,059
	(298,357)	(85,207)
Administrative expenses	(8,265,070)	(7,211,696)
Depreciation	(346,214)	(346,456)
Share-based payments	(392,136)	(408,852)
Other operating income	145,562	43,461
Operating profit	7,757,317	5,784,767
Finance income	1,766,223	1,578,727
Finance costs	(280,213)	(431,834)
Profit before tax	9,243,327	6,931,660
Corporation tax expense	(2,326,443)	(1,724,898)
Profit and total comprehensive income for the period attributable to equity holders of the Parent	6,916,884	5,206,762
Basic EPS (p)	21.8	16.5
Diluted EPS (p)	21.4	16.2

CONSOLIDATED STATEMENT OF FINANCIAL POSITION · As at 31 July 2026

	31 July 2026 (Unaudited) £	31 July 2025 (Unaudited) £	31 January 2026 (Audited) £
Assets
Non-current assets
Property, plant and equipment
- Owned assets	553,645	690,053	629,880
- Right-of-use assets	1,278,058	1,741,680	1,509,869
Total property, plant and equipment	1,831,703	2,431,733	2,139,749
Intangible assets	4,807,411	4,807,411	4,807,411
Investments	313,738	129,350	313,738
	6,952,852	7,368,494	7,260,898
Current assets
Trade and other receivables	37,905,294	30,043,484	32,787,578
Corporation tax	-	-	37,179
Cash and cash equivalents	10,462,544	6,505,516	9,744,084
	48,367,838	36,549,000	42,568,841
Total assets	55,320,690	43,917,494	49,829,739
Equity and liabilities
Equity
Share capital	63,346	63,435	63,435
Share premium	9,920,760	9,920,760	9,920,760
Share-based payments reserve	607,086	968,590	1,411,055
Retained earnings	10,485,676	5,827,556	9,301,975
Equity attributable to equity holders of the Parent	21,076,868	16,780,340	20,697,225
Non-current liabilities
Lease liabilities	819,194	1,320,595	1,072,496
Provisions	1,227,354	1,198,130	1,340,830
	2,046,548	2,518,725	2,413,326
Current liabilities
Trade and other payables	30,983,653	23,942,119	26,124,340
Lease liabilities	594,848	594,848	594,848
Corporation tax liability	618,773	81,462	-
	32,197,274	24,618,429	26,719,188
Total liabilities	34,243,821	27,137,154	29,132,514
Total equity and liabilities	55,320,690	43,917,494	49,829,739

CONSOLIDATED STATEMENT OF CASH FLOWS · For the period ended 31 July 2026

	6 months to July 2026 (Unaudited) £	6 months to July 2025 (Unaudited) £	Year ended 31 January 2026 (Audited) £
Cash flows from operating activities
Profit before tax	9,243,327	6,931,660	14,671,612
Adjustments to cash flows from non-cash items
Depreciation	346,214	346,056	691,074
Share-based payments	392,136	408,852	851,320
Revaluation of investment	-	-	(184,388)
Finance income	(1,766,223)	(1,578,727)	(3,196,726)
Finance costs	280,213	431,834	788,676
	8,495,667	6,539,675	13,621,568
Working capital adjustments
(Increase) in trade and other receivables	(5,117,716)	(2,076,333)	(4,462,033)
Increase in trade and other payables	4,859,838	2,419,825	4,139,102
(Decrease) / Increase in provisions	(113,475)	35,895	178,595
Cash generated from operations	8,123,789	6,814,512	13,477,232
Interest paid on client balances	(236,092)	(377,191)	(684,708)
Interest portion of lease liability	(44,121)	(54,643)	(103,968)
Corporation taxes paid	(1,670,492)	(1,670,492)	(3,675,873)
Cash generated from operating activities	6,173,084	2,988,135	9,012,683
Cash flows from/(used in) investing activities
Interest received	1,766,223	1,578,727	3,196,726
Purchases of property, plant and equipment	(38,170)	(9,609)	(85,068)
Net cash generated from/(used in) investing activities	1,728,053	919,770	3,111,658
Cash flows from financing activities
Proceeds from issue of ordinary shares	-	248	249
Proceeds from LTIP vesting shares issued from treasury	448	-	-
Purchase of own shares into treasury	(1,510,566)	-	-
Lease repayments	(253,827)	(251,383)	(490,878)
Dividends paid	(5,418,732)	(9,189,002)	(11,576,800)
Net cash (used in) financing activities	(7,182,677)	(3,963,875)	(12,067,429)
Net (decrease)/increase in cash and cash equivalents	718,460	(3,181,656)	56,912
Cash at 1 February	9,744,084	9,687,172	9,687,172
Cash at 31 July	10,462,544	6,505,516	9,744,084

Final Results, published 29 Apr 26 · read the announcement ↗

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME · YEAR ENDED 31 JANUARY 2026

	2026 £	2025 £
Revenue	115,168,827	97,703,149
Cost of sales	(85,819,172)	(72,229,270)
Gross profit	29,349,655	25,473,879
Trade receivables impairment	(1,774,951)	(1,470,788)
Corresponding reduction in trade payables	1,266,897	1,065,268
	(508,054)	(405,520)
Depreciation and amortisation	(691,074)	(823,681)
Share-based payments	(851,320)	(780,662)
Other administrative expenses	(15,307,968)	(12,940,290)
Gain in respect of investments held at fair value	184,388	-
Other operating income	87,935	50,070
Operating profit	12,263,562	10,573,796
Finance income	3,196,726	1,966,246
Financing costs	(788,676)	(855,043)
Profit before tax	14,671,612	11,684,999
Taxation	(3,611,636)	(3,135,226)
Profit and total comprehensive income for the year attributable to equity holders of the Parent	11,059,976	8,549,773
Basic EPS (p)	34.9	27.1
Diluted EPS (p)	34.3	26.6

CONSOLIDATED STATEMENT OF FINANCIAL POSITION · AS AT 31 JANUARY 2026

	2026 £	2025 £
Assets
Non-current assets
Property, plant and equipment
Owned assets	629,880	772,027
Right-of-use assets	1,509,869	1,973,730
Total property, plant and equipment	2,139,749	2,745,757
Intangible assets	4,807,411	4,807,411
Investments	313,738	129,350
	7,260,898	7,682,518
Current assets
Trade and other receivables	32,787,578	28,325,545
Corporation tax	37,179	-
Cash and cash equivalents	9,744,084	9,687,172
	42,568,841	38,012,717
Total assets	49,829,739	45,695,235
Equity and liabilities
Equity
Share capital	63,435	63,186
Share premium	9,920,760	9,920,760
Share-based payments reserve	1,411,055	1,276,080
Retained earnings	9,301,975	9,102,454
Equity attributable to equity holders of the Parent	20,697,225	20,362,480
Non-current liabilities
Lease liabilities	1,072,496	1,563,376
Provisions	1,340,830	1,162,235
	2,413,326	2,725,611
Current liabilities
Trade and other payables	26,124,340	21,985,238
Lease liabilities	594,848	594,848
Corporation tax liability	-	27,058
	26,719,188	22,607,144
Total liabilities	29,132,514	25,332,755
Total equity and liabilities	49,829,739	45,695,235

CONSOLIDATED STATEMENT OF CASH FLOWS · YEAR ENDED 31 JANUARY 2026

	2026 £	2025 £
Cash flows from operating activities
Profit before tax	14,671,612	11,684,999
Adjustments
Depreciation and amortisation	691,074	823,681
Share-based payments	851,320	780,662
Revaluation of investment	(184,388)	-
Finance income	(3,196,726)	(1,966,246)
Financing costs	788,676	855,043
	13,621,568	12,178,139
Working capital adjustments
Increase in trade and other receivables	(4,462,033)	(3,131,196)
Increase in trade and other payables	4,139,102	2,202,651
Increase in provisions	178,595	254,290
Cash generated from operations	13,477,232	11,503,884
Interest paid	(684,708)	(767,002)
Interest portion of lease repayments	(103,968)	(88,041)
Corporation taxes paid	(3,675,873)	(4,404,523)
Cash generated from operating activities	9,012,683	6,244,318
Cash flows from/(used in) investing activities
Interest received	3,196,726	1,966,246
Purchases of property, plant and equipment	(85,068)	(772,373)
Net cash generated by investing activities	3,111,658	1,193,873
Cash flows from financing activities
Proceeds from issue of ordinary shares	249	223
Lease repayments	(490,878)	(210,445)
Dividends paid in year	(11,576,800)	(5,907,869)
Net cash used in financing activities	(12,067,429)	(6,118,091)
Net increase in cash and cash equivalents	56,912	1,320,100
Cash at 1 February	9,687,172	8,367,072
Cash at 31 January	9,744,084	9,687,172

As published in the company's results announcement: every line, heading and subtotal, read automatically from the text. Figures in brackets are negative; units as stated in the column headings.

Income statement Cash flow Balance sheet

Annual Half-yearly

Latest report: H1 Jul 26 (six months to 31 Jul 26), published 14 Sep 26 · read the results ↗

£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source

	LTM Jul 26	FY Jan 26	FY Jan 25
Revenue to operating profit
Revenue	127.4	115.2	97.7
Gross profit	32.5	29.3	25.5
Operating profit	14.2	12.3	10.6
Share-based payments	0.8	0.9	(0.8)
Operating profit to net income
Fair value gains / losses	–	0.2	–
Finance costs	(0.6)	(0.8)	(0.9)
Profit before tax	17.0	14.7	11.7
Tax	(4.2)	(3.6)	(3.1)
Net income (owners)	12.8	11.1	8.5
Per share
EPS basic	40.2p	34.9p	27.1p
EPS diluted	39.5p	34.3p	26.6p
Dividend per share	–	24.7p	20.2p

	H1 Jul 26	vs H1 Jul 25	H2 Jan 26	H1 Jul 25
Revenue to operating profit
Revenue	66.3	+23%	61.0	54.2
Gross profit	16.9	+23%	15.6	13.8
Operating profit	7.8	+34%	6.5	5.8
Depreciation (owned assets)	0.1	0%	–	0.1
Depreciation (right-of-use)	0.2	0%	–	0.2
Share-based payments	0.4	−4%	0.4	0.4
Operating profit to net income
Finance costs	(0.3)	−35%	(0.4)	(0.4)
Profit before tax	9.2	+33%	7.7	6.9
Tax	(2.3)	+35%	(1.9)	(1.7)
Net income (owners)	6.9	+33%	5.9	5.2
Per share
EPS basic	21.8p	–	18.4p	16.5p
EPS diluted	21.4p	–	18.1p	16.2p

	LTM Jul 26	FY Jan 26	FY Jan 25
Operating activities
Cash from operations	12.2	9.0	6.2
Interest paid	(0.5)	(0.7)	(0.8)
Tax paid	(3.7)	(3.7)	(4.4)
Investing activities
Capex (PP&E)	(0.1)	(0.1)	(0.8)
Financing activities
Lease principal paid	(0.5)	(0.5)	(0.2)
Lease interest paid	(0.1)	(0.1)	(0.1)
Dividends paid	(7.8)	(11.6)	(5.9)
Shares issued	–	0.0	0.0

	H1 Jul 26	vs H1 Jul 25	H2 Jan 26	H1 Jul 25
Operating activities
Cash from operations	6.2	+107%	6.0	3.0
Interest paid	(0.2)	−37%	(0.3)	(0.4)
Tax paid	(1.7)	0%	(2.0)	(1.7)
Investing activities
Capex (PP&E)	(0.0)	n/m	(0.1)	(0.0)
Financing activities
Lease principal paid	(0.3)	+1%	(0.2)	(0.3)
Lease interest paid	(0.0)	n/m	(0.0)	(0.1)
Dividends paid	(5.4)	−41%	(2.4)	(9.2)
Share buybacks	(1.5)	–	–	–
Shares issued	–	–	0.0	0.0

	Latest Jul 26	FY Jan 26	FY Jan 25
Non-current assets
Other intangibles	4.8	4.8	4.8
Property, plant & equipment	1.8	2.1	2.7
Other investments	0.3	0.3	0.1
Non-current assets	7.0	7.3	–
Current assets
Trade receivables	37.9	32.8	28.3
Cash	10.5	9.7	9.7
Current assets	48.4	42.6	–
Total assets	55.3	49.8	45.7
Current liabilities
Trade payables	31.0	26.1	22.0
Lease liabilities, current	0.6	0.6	0.6
Current liabilities	32.2	26.7	–
Non-current liabilities
Lease liabilities, non-current	0.8	1.1	1.6
Non-current liabilities	2.0	2.4	–
Total liabilities	34.2	29.1	25.3
Equity
Total equity	21.1	20.7	20.4
Net cash and other figures
Net cash / (debt) ex leases	–	9.7	9.7

	H1 Jul 26	H2 Jan 26	H1 Jul 25	H2 Jan 25
Non-current assets
Other intangibles	4.8	4.8	4.8	4.8
Property, plant & equipment	1.8	2.1	2.4	2.7
Other investments	0.3	0.3	0.1	0.1
Non-current assets	7.0	7.3	7.4	–
Current assets
Trade receivables	37.9	32.8	30.0	28.3
Cash	10.5	9.7	6.5	9.7
Current assets	48.4	42.6	36.5	–
Total assets	55.3	49.8	43.9	45.7
Current liabilities
Trade payables	31.0	26.1	23.9	22.0
Lease liabilities, current	0.6	0.6	0.6	0.6
Current liabilities	32.2	26.7	24.6	–
Non-current liabilities
Lease liabilities, non-current	0.8	1.1	1.3	1.6
Non-current liabilities	2.0	2.4	2.5	–
Total liabilities	34.2	29.1	27.1	25.3
Equity
Total equity	21.1	20.7	16.8	20.4
Net cash and other figures
Net cash / (debt) ex leases	–	9.7	–	9.7

Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.

Company filings. Not investment advice.