Keywords Studios 2021 Full Year Results

Key insights

7 takeaways

01
Group revenue grew 37.1% to €512.2m in 2021, with organic revenue growth of 19.0%.See it on page 9
02
Adjusted PBT rose 56.4% to €86.0m, with a margin of 16.8%, which the document places above the Group's historical range of 14-15%.See it on page 9
03
Free cash flow increased by €7.3m to €60.6m, and the adjusted cash conversion rate improved to 107.3%.See it on page 11
04
The Group completed six acquisitions in 2021 with a total maximum consideration of €126m.See it on page 6
05
The company expects adjusted PBT margins to move back towards the 14-15% historical range during 2022 as some costs return.See it on page 14
06
The Group works with 23 of the top 25 games companies by revenue and 10 of the top 10 mobile games publishers by revenue.See it on page 19
07
The company's MSCI ESG Ratings assessment improved to 'A' in 2021, up from BBB previously.See it on page 7

Summary

Keywords Studios Plc presents its 2021 full year results, covering the Group and its subsidiaries, a provider of technical and creative services to the video games industry with an average of 9,493 people in 2021 across more than 70 studios in 23 countries. Group revenue rose 37.1% to €512.2m (2020: €373.5m), with organic revenue growth of 19.0% (2020: 11.7%). Adjusted PBT increased 56.4% to €86.0m, a 16.8% margin (2020: 14.7%), and adjusted EPS rose 46.5% to 89.24c. Adjusted EBITDA was €110.0m with a 21.5% margin. Free cash flow was €60.6m, and net cash at 31 December 2021 was €105.6m. The Group completed six acquisitions in 2021 with a total maximum consideration of €126m. The company states that trading in the first quarter has started well, that it is confident of delivering at the higher end of current market expectations for the full year, and that adjusted PBT margins are expected to move back towards the 14-15% historical range during 2022. The report also notes that the company's MSCI ESG rating improved to 'A' from BBB.