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(Alliance News) - Keywords Studios PLC on Wednesday reported "strong" 2020 revenue and profit growth despite disruptions caused by the Covid-19 pandemic.
The London-based video game industry services provider's 2020 group revenue was EUR373.5 million, up 14% from EUR326.5 million in 2019, while adjusted pretax profit was EUR55.0 million, up 35% from EUR40.9 million.
Both results meet company expectations of EUR373 million and EUR55 million, respectively, and are above previous guidance issued in mid-November of about EUR367 million and about EUR52 million, respectively.
Keywords said the increases reflected the company delivering on the "continued robust demand" for its services despite significant Covid-19 related production constraints, which delayed the flow of content in some service lines, particularly Testing, Audio and Localisation.
Despite its robust results, Keywords said it will not pay a 2020 dividend, having suspended payouts due to the Covid-19 pandemic, but it plans to resume payments in 2021. It paid 0.58 pence per share in 2019.
Shares in Keywords were up 5.1% at 2,528.80p in London on Wednesday.
"The group achieved a strong performance in a year that was heavily impacted by the global pandemic and, on behalf of the board, we are prouder than ever of the dedication of all our talented Keywordians through this challenging year. The group's strong position in the buoyant video games market, our increasingly sought after 9,000 people strong resource base, a robust business model that has proven capable of continued growth in the face of the pandemic, together with our financial strength, places us well for further growth and long-term success," said Joint Interim Chief Executive Jon Hauck.
Looking ahead, Keywords said 2021 trading has started well, with "strong" demand across all service lines.
"As we enter 2021, we are very confident in the group's opportunity for growth due to the continued trend towards outsourcing and an increased focus on content creation in a growing video games market. This combined with our ability to increase our market share and to selectively acquire high quality businesses will allow us to further cement our position as the 'go to' provider of technical and creative services to a global client base," Hauck said.
By Zoe Wickens; zoewickens@alliancenews.com
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