Keywords St (LON:KWS) performed very strongly in H116 and we nudge up our 2016e EPS by 3%. We see some upside to our new forecasts, but caution about trending H116’s sales and EBIT growth as the period benefited from an exceptionally strong weighting for the summer-seasonal audio and localisation businesses. Longer term the equity proposition remains attractive: Keywords is uniquely positioned into the global games development industry with more touch points than other service providers. It has plenty of opportunity to continue to augment organic growth with accretive acquisitions, strengthening its strategic position as it does so.
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