Keywords Studios (LONDON:KWS) reported strong H115 results. The company delivered strong y/y revenue growth of 74%, supported by its recent acquisitions. Underlying organic growth was also strong, up 23% y/y (on a pro forma basis), demonstrating the strength of both the existing and acquired business. H2 trading is in line with company expectations, increasing confidence in our FY15 forecasts. We believe that the company’s shares remain attractive given the strong underlying growth and the likelihood of further earnings-accretive acquisitions.