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Keywords Studios keeps on buying

Keywords Studios keeps on buying

There was no missing the pride in chief executive Andrew Day’s description of half-year results from Keywords Studios (KWS): “It has been a bit of a stellar performance”. Browse through the numbers and it is hard to disagree. The year-on-year revenue growth was boosted by acquisitions: a dozen were completed within the past 18 months. Assume they were part of the group in both periods and underlying turnover growth was still strong at 17 per cent. This strong top-line performance and a slight uptick in gross margins sent operating profit up by nearly three-quarters to €7.8m. Meanwhile, cash inflows from operating activities reached €2.3m (£2.04m) – two-thirds of net profits.

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