Keywords Studios appoints chief operating officer
With a chief operating officer on board, CEO Andrew Day will have more time to focus more fully on the continued strategic development of the group.
Company
LON:KWS
Keywords Studios PLC is an international technical and creative services provider to the global video games industry. Established in 1998, and now with over 70 facilities in 26 countries strategically located in Asia, Australia, the Americas and Europe, it provides services across the entire content development life cycle through its Create, Globalize and Engage service lines to a large blue-chip client base across the globe. Keywords Studios has a strong market position, providing services to 24 of the top 25 most prominent games companies.
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With a chief operating officer on board, CEO Andrew Day will have more time to focus more fully on the continued strategic development of the group.
New York is host to most of the top-tier game developers including Electronic Arts Inc (NASDAQ:EA).
"We are delighted to have further grown the Keywords family by adding such talented teams in Milan and London,” said Andrew Day.
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The bank has a target price of 2,950p and ‘overweight’ investment recommendation.
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The acquired company has deep expertise in the Unreal Game Engine development environment
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Listed companies have raised more than £26.2bn through both the main market and AIM
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Los Angeles-based g-Net has provided services to major game publishers including Activision Blizzard and Microsoft as well as media giants including Netflix and Amazon Prime
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London-listed game stocks have performed strongly this year, today Keywords Studios upgraded its guidance for 2020.
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Like a lot of businesses, Keywords has been operating under certain constraints because of the coronavirus pandemic, despite which it has exceeded expectations
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“We’ve got a very strong pipeline,” chief executive Andrew Day told Proactive.
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Liberum Capital upgraded its profit forecast for 2020 and lifted its price target after this morning's positive results statement.
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Chief executive Andrew Day said the resilience of the Keywords business "continues to shine through", delivering strong revenue growth despite coronavirus (COVID-19) related challenges
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Keywords, Next and Trainline are among the notable names in Thursday's diary, meanwhile, Snowflake makes a high profile IPO over in the United States.
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The video game services group said the £3.6mln purchase will “further extend” client relationships in its marketing arm
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Berenberg increased its full-year estimates for profits in the next three years while its share price target goes up to 2,250p.
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The group's service lines have performed well given the operational and market disruption caused by the coronavirus (COVID-19)
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Coconut Lizard provides several services including game optimisation, game hardening, game porting and middleware integration
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Cash flow analysis assuming ten-year compound annual revenue growth of 8% suggests a fair value for the shares of 2,100p, the analysts said
Sony unveiled the latest iteration of its PlayStation console series, the PlayStation 5, last week following Microsoft's reveal of the Xbox Series X last year
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In a note, the bank said a £100mln fundraising by the video game services group last week was “a shrewd move to accelerate market consolidation at, very likely, favourable valuations”
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With some companies asking investors for cash simply to stay afloat, these two firms have instead tapped the market to consolidate their positions in the post-pandemic world
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The video game services firm said the pandemic had placed stress on smaller providers, offering an opportunity to "continue its acquisition strategy of high quality businesses”
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The assessment accompanied strong 2019 results for the video game services firm, which reported a revenue rise of 30% to €326.5mln
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Keywords Studios and Rentokil are among the names in Thursday's schedule.
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CEO Andrew Day said: "Whilst we do expect disruption to the provision of our services due to the COVID-19 pandemic, we anticipate the underlying drivers of growth across the video games market to remain intact"
Analysts also hiked the target price to 1,875p from 1,799p as the industry is presenting opportunities for new partnerships
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The German bank's analysts think the firm is “well placed” to deliver “material growth” in 2020 and beyond
The provider of technical and creative services is forecasting a double-digit increase in revenue thanks to a boost from its two largest divisions, functional testing and game development
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The US broker lifted its price target for the stock, which it continues to rate 'buy'
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The acquisitions include Irish firm Kantan, London-based Ichi Holdings and Canadian group Syllabes
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The video game services group said the new funds would provide “further flexibility and headroom” to expand the business
Based in Berlin, TV+SYNCHRON counts Warner Bros, Amazon and Netflix among its previous clients
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Particularly steep increases in demand for some of its service lines required Keywords to invest rapidly in expanding capacity. "As we move into the second half, we expect to be able to leverage that investment to the benefit of margins in
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Jon Hauck will join Keywords in November, when he will take over the reins from the outgoing David Broderick
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Footsie closed around 11 points higher at 7,357 at the start of the week, while mid-cap cousin FTSE 250 gained over 39 points
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DVW has provided audio description services for broadcast programming as well as live events such as the Olympics, for which it was the first company to provide real-time audio description
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The UK's premier shares index finished the afternoon session off nearly 31 points at 7,367
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The FTSE 100 closed 32.86 points higher at 7,218.16 on Thursday, just easing off its late afternoon high of 7,235
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The UK index of leading shares closed down nearly 38 points at 7,310
Last month, the two heavyweights unveiled Apple Arcade and Google Stadia, video game streaming systems that could potentially change the market forever
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The firm reported a 65% rise in adjusted pre-tax profit to €37.9mln for the year, while revenues climbed 66% to €250.8mln
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Stadia promises a paradigm shift for the gaming industry, which has already in recent years seen huge incursion by smart phone games like Candy Crush
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"We are pleased with the group's continued organic growth, in a year in which our markets were impacted by the Fortnite phenomenon," said Andrew Day, the chief executive officer of Keywords
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"We expect adjusted profit before tax to be within the range of analyst forecasts at around €37m on revenues in the region of €250m (around €258m on a constant currency basis), which would represent increases of 61% and 65% on the prior yea
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At the close, the UK blue-chip index was 9.24 points higher at 6,721.17 just below the late session peak of 6,733.00 and well above the early low of 6,653.65
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Citi analysts have adjusted their forecasts to take into account recent acquisitions, while they also like the recent workforce expansion which they see as a key pointer to future growth
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"As games become ever more immersive, sound design quality is getting ever closer to that of movies. Our new Sound Lab studio, created around Scott and his team, will be integrated within the Keywords Audio Services Line," said CEO, Andrew
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Analysts at German bank Berenberg have upped their target price for the firm to 2,150p from 2,060p, saying the company's market is expected to "outgrow the video game segment"
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The AIM-listed video game development services provider said the acquisitions would add “considerable” expertise to its video game development business
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The technical services firm, with a focus on the video gaming industry, said it expected adjusted pre-tax profits to be €15.9mln, a 66% increase on the same period a year ago
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The AIM-100 firm said it was purchasing the business, including all associated technology rights and trademarks, from Silicon Studio Corporation for US$1.5mln in cash
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In London, FTSE 100 shed 23 points to 7,655, while FTSE 250 shed over 155 points at 20,770
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The AIM 100 firm, which provides technical services to the video game sector, said it had acquired Snowed In for a total consideration of C$4mln and would retain its 29 employees
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The AIM-listed firm said Igor Efremov, who had various roles in Enterprise Systems Management at Electronic Arts before founding and running Sperasoft, has been appointed to the new role of chief commercial officer
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The UK blue-chip benchmark closed around four points higher at 7,692