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Acquisition spree spurred Keywords revenues up 67% to €97 million in 2016

Services provider bought eight companies last year
Acquisition spree spurred Keywords revenues up 67% to €97 million in 2016

An acquisition spree by Keywords helped spur on the service provider’s revenues up 67% to €96.6 million in 2016.

The firm has released its full year financials results for the year ending December 31st 2016.

Adjusted profits before tax grew by 86% from the previous year to €14.9 million. The increase in revenues and profits comes after it acquired eight companies during 2016.

These included companies such as Ankama, Mindwalk, Synthesis, the remaining 50% of Kite Team, Volta, Player Research, Enzyme and Sonox Audio.

The purchases resulted in a 25% increase in clients using three or more of its services.

The acquisition trail

As for 2017, Keywords noted that trading during the first two months of the year has been in line with expectations.

The company is planning further acquisitions following its purchase of Spov in February 2017 and has agreed terms with Barclays Bank for a revolving credit facility of 35 million to fund them.

"This performance has seen the Group grow from full year revenues of just over €14m prior to its IPO in July 2013, derived from four service lines and five studios across three continents, to revenues of nearly €100m derived from six service lines and 27 studios across four continents at the end of 2016,” said Keywords CEO Andrew Day.

"We fully expect to make continued good progress during 2017 as we take advantage of the synergies afforded by our enlarged platform and as we make further selective acquisitions, with the support of our strong cash generation and enlarged debt facilities."