#KWS Keywords Studios

Thoughts after the Trading Update

#KWS Keywords Studios - comment 9 August 2023, post trading update

It is not usually our form to provide ongoing updates of ideas as news unfolds, but from time to time we choose to do so when there is something interesting enough to say.

We initially posted about Keywords in late July, before the company’s H1 2023 trading update on 1 August.

We apologise that it has not been the best start for this particular “Insider Idea”, with the Trading Update showing that H1 organic revenue growth had decelerated meaningfully. This had already been signposted by management who were warning that the recent rates of growth were not sustainable. It is most likely honest coincidence, but the fact that the growth rate decelerated to precisely the 10% guided mid-term minimum target seems noteworthy.