The chief executive of a growing law business, who has strong Manx links, has spoken of his delight after a UK national broadsheet newspaper tipped the company’s shares.

Questor, a column in the business section of the Daily Telegraph, has recommended investors buy shares in Keystone Law.

The business is growing profits by 42 per cent a year and the column’s author Russ Mould, writing in the paper , recommends: ’Buy.’

Keystone is a member of the AIM, Alternative Investment Market of the London Stock Exchange.

Mr Mould writes: ’Keystone Law’s interim results in September were worthy of note.

’Sales rose by 30 per cent, operating profit gained 42 per cent and a 2.5 pence maiden interim dividend was paid.’

The overall business has added lawyers to its books.

He points out that the firm is almost a ’virtual’ law firm with the potential to be an ’industry disrupter.’

He says ’Lawyers can work more flexibly without having to trudge into an office, and do so with the support of Keystone’s legal network and IT and security framework.’

Mr Mould adds that increased staff numbers bode well for future increases in sales, earnings and the dividend, which is also supported by net cash on the balance sheet, the result of Keystone using some of the proceeds of its flotation in November 2017 to pay off its debts.

Ten lawyers are on Keystone’s books in the island including directors Geoff Kermeen and Gillian Christian.

There is an office in Douglas but they can operate from home.

Keystone Law launched operations in the Isle of Man in 2016 with the opening of a new Isle of Man regulated law firm. This year the firm was awarded Offshore Law Firm of the Year by the Legal 500.

Chief executive James Knight who was brought up in the island, told Business News it was ’wonderful’ the business had received such a positive viewpoint.

He added the island office plays a vital role in the overall business.

Mr Knight, who was in the island recently on business and also to celebrate his mother’s 80th birthday at her Douglas home, said the island branch of the business fits well into the company’s structure.

When Keystone Law opened in the island he said he had always been keen to open an outlet of Keystone Law here.

’This is where I am from but it takes a number of factors.

’What was important was having the right team.’

He added it had given him immense pleasure to bring Keystone to the island, a place he knows so well.

Mr Knight, presenting the interim results said: ’I am delighted to report an excellent set of interim results, as reflected by the group’s strong revenue and profit growth alongside the continued high levels of cash conversion.

’The performance of the existing lawyers, together with the recruitment activity during the first half and the strength of the recruitment pipeline at the half year all serve to underpin management’s confidence in the second half.’

’Keystone has a clear first mover advantage and our unique business model is underpinning our strategy to drive forward the delivery of UK centric organic growth. The recruitment activity in the period further demonstrates that our increasing reputation as a leading, quality-centric mid-market law firm makes Keystone an attractive proposition for good quality lawyers; thus, driving our expansion and enabling us to exploit the market opportunity which exists in the UK legal services sector, which we believe is ripe for disruption.