Corporate Presentation: November 2022

Key insights

7 takeaways

01
Group revenue for H1 2022 was €321.1m, up 34.5% from €238.7m in H1 2021, with organic revenue growth of 21.7%.See it on page 14
02
Adjusted PBT increased 38.0% to €54.8m in H1 2022, with adjusted PBT margin at 17.1%.See it on page 24
03
The company reports a 5% share of the outsourced video game services market, which it says is highly fragmented.See it on page 7
04
Net cash at 30 June 2022 was €121.3m, compared with €84.1m at 30 June 2021.See it on page 29
05
Adjusted cash conversion was 57.9% in H1 2022, and the company expects full-year adjusted cash conversion of about 80%.See it on page 28
06
Create service line revenue rose 44.5% to €124.3m in H1 2022, while Globalize rose 31.8% to €141.5m.See it on page 25
07
The outsourced video game services market is estimated at c.$11bn, with a 10% CAGR from 2021 to 2026 per IDG Consulting.See it on page 9

Summary

Keywords Studios Plc, a Euro-reporting provider of technical and creative services to the video games industry, presents its November 2022 corporate presentation, covering its strategy, first-half 2022 results and outlook. The company describes itself as operating three service lines across 26 countries with about 12,000 employees in more than 70 studios. It says it works with 23 of the top 25 games companies by revenue and 10 of the top 10 mobile games companies. The presentation places the video game outsourced services market at c.$11bn, of which Keywords reports a 5% share, and cites IDG Consulting as the market sizing source. For H1 2022, revenue rose 34.5% to €321.1m (H1 2021: €238.7m), organic revenue grew 21.7%, and adjusted PBT rose 38.0% to €54.8m. Net cash at 30 June 2022 was €121.3m. The company says it expects full-year 2022 performance in line with recently raised market expectations and an adjusted cash conversion rate of around 80%.