Keystone Law release their maiden final results

Keystone Law’s first set of final results (released May 8^th) since their IPO came in comfortably ahead of expectations.

Revenues surged 35% to £42.7m with earnings per share of 13.4p, up from 9.4p.

The impressive headline numbers have been driven by stronger than expected recruitment. The firm’s principal lawyer numbers rose to 277 from 244. Accepted offers by principal lawyers similarly rose 7% to 63. A net 20 fee-earners were also recruited by 15 principal lawyers for their practices, helping push Keystone’s overall fee-earner headcount up 21% to 321.

Founder and CEO James Knight commented ‘We’re an ambitious firm and one of the primary reasons to IPO in the first place is that it would help us engage with a more sophisticated client; it would be good for brand recognition and enhancement. Anecdotally, that’s been very effective and for larger clients who may have hesitated in engaging with a law firm that was not in the top 20, this may – on the account of the fact it is on the public markets – have overcome any reservations they may have.’

Needless to say we are more than happy to continue to hold this position and we’d view any pullbacks as potential buying opportunities.

Clinigen expand its existing footprint in the higher value US market

Clinigen announced in May it had reached an agreement with Cumberland, a US-based speciality pharma to assume full control of the marketing, promotion, and distribution of Ethyol® and Totect® in the US.

The acquisition of the US rights to Proleukin® in April 2019 formed the foundation of the Group’s plans to expand its existing footprint in the higher value US market. This agreement with Cumberland is the next step in Clinigen’s Commercial Medicines strategy. Following the completion of the transition of Ethyol and Totect later in the year, the Group will have direct control of all three of its oncology products currently available in the US.

D4t4 Solutions expects adjusted profit ‘slightly ahead’ of market expectations

D4t4’s mid-April trading update said it expected adjusted profit to be ‘slightly ahead’ of market expectations for the year as solid growth in its data platforms bolstered revenues.

‘Reported group revenue for 2018-19 is expected to be about £25m with group profits slightly ahead of market expectations,’ the company said.

The company’s recurring income stream was expected to report ‘solid’ growth for the year just ended, reflecting the increase in both the data platform business and ongoing new software sales, the company added.

CEO Peter Kear said, ‘our strategy continues to deliver and is reflected in our strong overall growth. At the same time, we continue to innovate our product, grow geographically and deepen our relationships with our strategic partners.  The business enters the new financial year in robust shape after closing a number of significant contracts in the second half year, these contracts will have an impact on 2018-19 and on subsequent years, and we are encouraged by the opportunities and outlook for the business in the coming year. Consequently, as a Board we are confident of delivering results in line with expectations for the financial year ending March 2020,’ said Peter Kear, Chief Executive of D4t4.