TIDMKWS
RNS Number : 0353H
Keywords Studios PLC
21 November 2022
21 November 2022
Keywords Studios plc
("Keywords Studios", "Keywords", "the Group")
Trading Update
Full year performance now expected to be ahead of market
expectations
Keywords Studios, the international technical and creative
services provider to the global video games industry, today
provides a trading update for the year ending 31 Dece mber
2022.
The Group has continued to perform very well in the second half
of the year, building on the encouraging start to the period and
the strong performance in H1. The Group has benefitted from the
continued strength of the US dollar during the period, which has
meant that the adjusted profit before tax (1) margin remained
higher than anticipated.
As a result, the Board now expects that full year revenue for
2022 will be at least EUR675m (+32% year-on-year growth) and the
adjusted profit before tax will be in excess of EUR110m (+28%
year-on-year growth), both comfortably ahead of current analysts'
consensus (2) .
Outlook for 2023
We expect the positive trading momentum to continue into 2023.
Organic growth is expected to moderate but remain above the
medium-term guidance of 10%+, with adjusted profit before tax
margins expected to move to historical levels of c.15% as
previously guided and as we invest into the business to support our
growth ambitions. As a result, we are confident in achieving a
performance at the upper end of the current analysts' forecast
range(3) for 2023.
The Group will provide a further update with its scheduled
trading update at the end of January 2023.
Bertrand Bodson, Chief Executive Officer of Keywords Studios,
commented:
"We expect to deliver another excellent year of growth as the
demand for our unique full-service platform remains strong. We have
continued to grow our global footprint, scale and capabilities to
deliver an ever more compelling proposition and support our
customers' needs wherever they are in the world.
"Looking forward, whilst mindful of the current economic
climate, I am excited about the opportunity ahead for Keywords as
our leading position in the growing content creation market and our
strong balance sheet mean we are well placed to continue to build
on the Group's successful organic and acquisitive growth track
record."
(1) Adjusted profit before tax comprises Profit before taxation
as reported in the Consolidated statement of comprehensive income,
adjusted for share-based payment expense, costs of acquisition and
integration, amortisation and impairment of intangible assets,
non-controlling interest, foreign exchange gains and losses, and
unwinding of discounted liabilities. In order to present the
measure consistently year-on-year, other income is excluded.
(2) As at 18 November 2022, company compiled analysts' forecasts
gave a consensus for FY 2022 of EUR648m of revenue (range:
EUR632-669m) and EUR102m of adjusted profit before tax (range:
EUR97-105m).
(3) As at 18 November 2022, company compiled analysts' forecasts
gave a consensus for FY 2023 of EUR737m of revenue (range:
EUR712-779m) and EUR112m of adjusted profit before tax (range:
EUR106-118m).
For further information, please contact:
Keywords Studios +353 190 22
Bertrand Bodson, Chief Executive 730
Officer investors@keywordsstudios.com
Jon Hauck, Chief Financial Officer
Giles Blackham, Investor Relations
Numis Securities
Stuart Skinner/Kevin Cruickshank/Will +44 20 7260
Baunton 1000
MHP Communications (Financial PR) +44 20 3128
Katie Hunt/Eleni Menikou/Charles 8794
Hirst keywords@mhpc.com
About Keywords Studios ( www.keywordsstudios.com )
Keywords Studios is an international technical and creative
services provider to the global video games industry. Established
in 1998, and now with over 70 facilities in 26 countries
strategically located in Asia, Australia, the Americas and Europe,
it provides services across the entire content development life
cycle through its Create, Globalise and Engage service lines to a
blue-chip client base of over 950 clients across the globe.
Keywords Studios has a strong market position, providing
services to 23 of the top 25 most prominent games companies. Across
the games and entertainment industry, clients include Activision
Blizzard, Bandai Namco, Bethesda, Electronic Arts, Epic Games,
Konami, Microsoft, Netflix, Riot Games, Square Enix, Supercell,
TakeTwo, Tencent and Ubisoft. Recent titles worked on include
Anthem, Star Wars Jedi: Fallen Order, Valorant, League of Legends,
Fortnite, Clash Royale and Doom Eternal. Keywords Studios is listed
on AIM, the London Stock Exchange regulated market (KWS.L).
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END
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November 21, 2022 02:00 ET (07:00 GMT)
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