Keywords Studios raises full-year guidance on strong demand

Dublin-founded video games specialist Keywords Studios has updated its full-year guidance, saying it expects revenue and pre-tax profits to be marginally ahead of its earlier forecast.

Revenues are expected to total at least €505 million with pre-tax profits in excess of €85 million. This compares to 2020 revenues and profits of €373.5 million and €55 million respectively.

Organic revenue growth of approximately 19 per cent is forecast, as against 11.7 per cent in 2020.

The company’s said it experienced high levels of demand for its services and also benefitted from reduced costs due to Covid-19. During 2021, Keywords completed six acquisitions at a cost of up to €126 million. This includes cash spend on acquisitions of €73 million.

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At the end of December, Keywords had net cash of €104 million.

The group’s cash balance, strong cash generation and the €150 million available under its new, undrawn committed revolving credit facility leave Keywords “well placed to pursue both its organic and acquisition growth strategies”, it said.

"We continue to deliver an ever more compelling proposition globally for our partners in the buoyant video games market, and adjacent content industries. We expect the group's trading momentum to continue in 2022, as we invest in the platform and our people to build further on the group's successful organic and acquisitive growth track record, said chief executive Bertrand Bodson.