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Keywords ups 2022 profit and revenue guidance as US dollar strengthens

ALN

Keywords Studios PLC on Monday said it upped its profit and revenue guidance for 2022, following the strengthening of the US dollar during the second half of the year.

The Dublin-based technical and creative services provider said the continued strength of the US dollar has meant its pretax margin remained higher than anticipated.

Keywords now expects a 2022 adjusted pretax profit of over €110 million, around 28% higher than €86.0 million in 2021. The firm added the estimate is ‘comfortably ahead’ of current analysts’ consensus of €102 million. Looking ahead to the medium-term, Keywords’s pretax margins are expected to move to ‘historical levels’ of around 15% as previously guided, as the company invests in its growth plans.

Revenue is expected to be around €675 million, up 4.2% from a consensus of €648 million and 32% higher than €512.2 million in 2021. Keywords said it is confident in achieving a performance at the upper end of the current analysts’ forecast range for 2023, which stands at €737 million of revenue, and €112 million of adjusted pretax profit.

The company expects the positive trading momentum to continue into 2023, with organic growth to remain above the medium-term guidance of over 10%.

‘We have continued to grow our global footprint, scale and capabilities to deliver an ever more compelling proposition and support our customers’ needs wherever they are in the world,’ Chief Executive Bertrand Bodson said.

Keywords shares were up 5.0% to 2,846.00 pence on Monday morning in London.

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