Keywords Studios (LON:KWS) Andrew Day, CEO & David Broderick, CFO deliver the H1 19 results presentation to analysts with Q&A.

This opens with an upbeat (feel-good) trailer for Borderlands3. Then, Andrew gives an overview of top line financials and operational progress. David gives a comprehensive financial overview. Thereafter, Andrew runs through each service line, acquisition opportunities and the outlook.

A very upbeat story, in terms of growth of service lines, especially Functional Testing, Art Services and Game Development, only H2 growth in localisation & Audio Services are expected to be tempered by the switch to next-gen console development. H1 EBITDA margin hit by increased investment for growth demands, and one inherited lower margin contract. However, this should recover in H2 and return to historical (15%) levels in 2020. So, FY revenue anticipated at top end of expectations. Adj profit broadly in line.

Worth watching if you hold, or are interested in the video space.

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