Keywords Studios - COVID-19 update: FY results delayed
Keywords has complied with FCA and FRC guidance to delay its FY19 audited results announcement, previously scheduled for 31 March 2020. A new date will be confirmed shortly. On COVID-19, management reports the business impact was minimal in the first two months of the year, with some short-term disruption in China affecting Keywords’ five studios there, but these have now returned to near full production. This experience has been applied across the group. Keywords has seen an increase in demand for services, as existing and new clients re-appraise production, with management hoping to benefit from this pent-up demand once its operating environment normalises. The group has adequate liquidity but has taken steps to preserve cash, with net debt of €18m (0.4x net debt/adj EBITDA) and total undrawn facilities of €122m at 31 December 2019.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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