24th Jun 2014 09:09
LONDON (Alliance News) - Keywords Studios PLC said Tuesday it expects to see a strong trading performance in 2014 as revenues in the first five months were higher compared to the previous year.
In a statement ahead of its inaugural annual general meeting, Keywords also announced the departure of its finance director.
Keywords Studios provides services for the video game industry.
Finance Director David O'Connor will step down on July 31 to pursue other opportunities, Keywords said, and will be succeeded by Andrew Lawton. Lawton previously held the position of chief financial officer at Sony Computer Entertainment Europe Ltd.
The company said it had seen revenues in the first five months of the year of EUR10.1 million, up from EUR5.3 million in the previous year, boosted by the incorporation of acquisitions.
Keywords said it had continued to make good progress in line with its strategy of growing organically and through acquisition. Since floating on AIM in July 2013 it has acquired three companies, and it said it continues to review a pipeline of acquisition opportunities.
The company noted that it typically sees lower activity levels in the first half, but as the seasonal ramp-up has begun, it has seen encouraging signs of activity from its key clients.
Its results for 2014 will be hit by around EUR300,000 from the reduction of the Multi Media Tax Credit in Montreal, brought in by the new provincial government of Quebec in Canada.
Shares in Keywords were trading down 3.3% at 159.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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