20th Dec 2021 14:15
(Alliance News) - Keywords Studios PLC said on Monday it expects full-year performance to be ahead of market expectations following strong trading boosted by Covid-related cost cuts.
Shares in Keywords Studios were up 8.9% at 2,734.00 pence on Monday afternoon in London.
The Dublin-based video game company said it now expects 2021 revenue of at least EUR505 million, which would be up 35% on EUR373.5 million the year before.
Keywords Studios said it expects adjusted pretax profit of EUR85 million, which would be up 55% on EUR55.0 million in 2020.
The company said the raised expectations were due to its strong performance across the year, driven by a "buoyant" video games market and new content creation.
Keywords Studios added that it has benefited from a reduction in some costs due to Covid-19. These primarily related to remote working and property costs, the company explained.
Keywords Studios said it expects this trading momentum to continue into 2022 but added that adjusted pretax profit may moderate towards its historic levels as some costs return following the easing of Covid-19 restrictions.
By Heather Rydings; [email protected]
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