Gaming industry services firm levels up profits with demand "significantly ahead" of market
A video games industry service provider has today announced that its profits are “significantly ahead” of the market as it nears the end of the year.
Keywords Studios, which is based in London and provides technical and creative services to the gaming industry, has reported that it expects its profits before tax to reach €52m, a 27.1 per cent increase on last year’s €40.9m.
The company’s revenue is also set to increase this year, jumping 12.4 per cent from €326.5m to €367m.
It said that despite production constraints due to Covid-19, it has seen “robust” demand.
The pandemic has also meant that the company has seen a reduction in some operational costs, such as travel.
Andrew Day, CEO of Keywords Studios, commented: “We are pleased the group is delivering such a robust performance, with continued organic growth and underlying margin improvement, despite the production constraints in some parts of the business.”
The company said: “[We] expect to deliver a full year adjusted profit before tax significantly ahead of the current market consensus as a result of continued strong trading since the half year results announcement in September 2020.
“Revenue for the year to 31 December is expected to be in line with company compiled consensus of €367m (2019: €326.5m), reflecting robust demand for the group’s services despite previously stated Covid-19 production constraints.”
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