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Keywords Studios PLC ( " Keywords Studios " , " Keywords " , the " Group " ) Full year results for the year to 31 December 2020 Strong performance , despite COVID - 19 constraints Keywords Studios , the international technical and creative services provider to the global video games industry , today announces its full year results for the year to 31 December 2020 . Financial Overview : Results for the year to 31 December 2020 Group revenue Organic Revenue growth¹ Adjusted EBITDA² Adjusted EBITDA margin EBITDA² Adjusted profit before tax³ Profit before tax Adjusted earnings per share4 Earnings per share Total dividend per share Adjusted cash conversion rate5 Net cash / ( net debt ) ● 2020 € 373.5m + 11.7 % ● € 74.2m 19.9 % € 66.8m € 55.0m € 32.5m 60.93c 30.32c 0.0p 97.2 % € 102.9m 2019 € 326.5m + 15.5 % € 57.6m 17.6 % € 43.4m € 40.9m € 17.4m 48.78c 15.23c 0.58p 80.2 % 24 March 2021 ( € 17.9m ) % change + 14.4 % + 28.8 % + 53.9 % + 34.5 % + 86.8 % Highlights : Strong revenue growth , despite COVID - 19 disruptions , with healthy market backdrop Organic Revenue up 11.7 % despite operational and content flow constraints in some service lines , particularly Testing , Audio and Localization Keywordians worked hard to deliver on robust demand , whilst the video games industry enjoyed significant increases in players and gameplay during lockdowns At the end of 2020 , c . 6,900 Keywordians were working from home , representing a dramatic change in our working environment + 24.9 % + 99.1 % Increased profitability and cash generation driving strong balance sheet and liquidity Adjusted EBITDA up 28.8 % to € 74.2m , with margin up 2.3 % pts to 19.9 % ( 2019 : 17.6 % ) Strong cash conversion with Adjusted Free Cash Flow of € 53.4m ( 2019 : € 32.8m ) and an Adjusted Cash Conversion rate of 97.2 % ( 2019 : 80.2 % ) Strong cash generation and € 110m placing in May led to net cash of € 102.9m ( 2019 : € 17.9m net debt ) and a € 100m undrawn Revolving Credit Facility , despite € 39.9m net cash spend on acquisitions in the year