Update: Acquisitions paying off
Keywords Studios reported strong H115 results. The company delivered strong y-o-y revenue growth of 74%, supported by its recent acquisitions. Underlying organic growth was also strong, up 23% y-o-y (on a pro forma basis), demonstrating the strength of both the existing and acquired business. H2 trading is in line with company expectations, increasing confidence in our FY15 forecasts. We believe that the company’s shares remain attractive given the strong underlying growth and the likelihood of further earnings-accretive acquisitions.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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