Report

Another beat and raise

Full-year revenues and PBT are both expected to come in 3% above our forecasts, which were upgraded in November, suggesting like-for-like growth in the region of 20%. We upgrade our FY17 revenue and EPS estimates by 2% and 4% respectively, but with the company attractively positioned within a generally buoyant gaming technical services sector, we see clear scope for the organic upgrade trajectory to continue through both organic performance and acquisitions.
Underlying
Keywords Studios plc

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.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Dan Ridsdale

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