Shares in Winking Studios Ltd (AIM:WKS) rose 12% after the company said it expects revenue to grow by at least 40% for 2025, ahead of market forecasts.
The video game art outsourcing specialist said revenue for the year would exceed US$44.6 million, up from US$31.9 million in 2024, driven by the acquisition of China-based Mineloader in April and steady organic growth across its other studios.
With full-year results due to be published at the end of February, the Singapore- and AIM-listed outfit said adjusted EBITDA was expected to rise by between 7% and 13% from last year’s US$4.8 million.
The group said it had delivered on its strategy of expanding production capacity and consolidating operations, with the launch during the year of Vertic Studios, a new premium brand based in Kuala Lumpur aimed at high-end art production, and investment made elsewhere in Southeast Asia.
Artist bookings stood at US$48.6 million at the end of December, with US$34.6 million expected to be recognised as revenue in 2026.
The company said it would continue to focus on growth in Asia and build a commercial presence in Western markets, supported by a strong balance sheet.
Two decades after founding, Winking dual listed on AIM in late 2024, raising £7.9 million at 15p, giving an initial £66 million valuation.