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Keywords Studios’ (KWS) revenues rose 66 per cent to €251m during 2018, and were up 10.1 per cent on a like-for-like basis, or 14.9 per cent “without the expected drag in the year from the VMC acquisition”. VMC has now been integrated across four service lines and five studio locations ahead of schedule. Like-for-like growth was also impacted by the ‘Fortnite effect’ – denoting the disruption caused to other games supported by Keywords by the success of the ‘Fortnite’ game. Still, six out of the group’s seven service lines enjoyed a strong underlying performance. Localisation testing was the exception; some projects expected at the end of last year were delayed into 2019. Overall, the first quarter of the current year was in line with bosses’ expectations. Recommendation under review.
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