Keywords Studios Plc are to declare an interim dividend of 0.85p per share (H1 2022: 0.77p) representing an increase of 10.0% on the 2022 interim dividend. This is in line with the Board's progressive dividend policy which seeks to reflect the Group's continued growth in earnings and strong cash generation, balanced with the need to retain the resources to fund growth opportunities.
Payments will be made on 27 October 2023 to shareholders on the register on 6 October 2023 and will go ex-dividend on 5 October 2023. The interim dividend payment will represent a total cost of approximately €0.8m of cash resources.
Other financial highlights include:
Group revenue up 19.4% to €383.5m (H1 2022: €321.1m), driven by robust organic growth and supplemented by acquisitions
Organic revenue growth of 10.4%, driven primarily by strong growth in Create
Adjusted operating profit margin of 15.4%, in-line with guidance and H2 22 (H1 22: 17.5%), with adjusted operating profit rising 5.2% to €58.9m
Adjusted free cash flow of €18.5m (H1 2022: €31.7m) due to timing of working capital
Adjusted cash conversion full year expectations unchanged at ~80%, H1 rate of 33.2% (H1 2022: 57.9%), would have been ~16% pts higher but £7.5m of VGTR payments were delayed into Q3
Net debt of €11.4m (FY 2022: net cash of €81.8m) reflecting acquisition activity and EBT share buybacks
