StockMarketWire.com - Challenger law firm Keystone Law resumed dividend payments, citing a strong cash position. The company, however, reported a sharp fall in profit in the first of the year on higher costs.

For the six months ended 31 July 2020, pre-tax profit fell to £1.9m from £2.4m on-year, while revenue grew 6.5% to £24.5m.

The Covid-19 pandemic had a 'significant impact' on demand with the number of new instructions declining by approximately 30% during the first six weeks of the lockdown, the company said.

Dividend payments recommenced with two interim ordinary dividends of 3.3 pence per share each declared (total 6.6 pence per share)

'In light of the circumstances, the Board is pleased with the performance of the Group in the first half of this year and whilst there remains uncertainty as to what the impact of COVID-19 may be in the second half, it is confident that Keystone remains in a strong position to deal with any challenges and continue to build a strong platform for future growth,' the company said.




At 9:58am: [LON:KEYS] Keystone Law Group Plc share price was +12.5p at 447.5p



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