Keywords Studios - 12% organic revenue growth despite COVID-19
Management has confirmed that FY20 revenues and adjusted PBT will be marginally ahead of guidance, with revenues of €373m (guidance c €367m) and adjusted PBT of €55m (guidance c €52m). This outperformance has been driven by a strong close to the year, together with an additional revenue contribution from December’s M&A. Given the headwinds from COVID-19 in FY20, underlying organic revenue growth of 12% (H120: 8.0%, FY19: 15.5%) is a hugely resilient performance. The group is set well for FY21 and, with a growing next-gen console base in FY22/23, the medium-term outlook appears bright. With net cash of c €100m, Keywords remains well placed to execute further M&A deals in FY21.Keywords Studios is a technical services provider to the video games industry. Co.'s segments include: Localization Services, which relate to translation and cultural adaptation of in-game text and audio scripts; Localization Testing, which includes testing of linguistic correctness and cultural acceptability of computer games; Audio/Voiceover Services, which relate to audio production process for computer games; Functional Testing, which relates to quality assurance services provided to game producers; Art Creation Services, which relate to the production of graphical art assets for inclusion in the video game; and Customer Support, which relates to the live operations support services.
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