Ainsworth Suffers 66% Drop in Post-Tax Profit

Australian betting firm Ainsworth Game Technology has posted their latest full-year financial results, noting a 66% drop in post-tax profits.

Key financial indicators for the full year ending June 30th, 2019 were:

• Post-tax profits of A$10.9 million
• Turnover down 12% to A$234.3 million
• Group earnings before interest and deductions down 34% to A$44.8 million
• Australian sales down 43%
• Net cash at the end of the year of $6.2 million, compared to a debt of $36.2 million last year

Commenting on the results Ainsworth CEO Lawrence Levy said, "I am confident AGT can drive improved long-term growth by leveraging its excellent reputation, focusing R&D and complementing organic performance with selective acquisitions.

"My initial observations as the new CEO are that we have a strong footprint in major markets, scale and growing recurring revenues. With an increased focus on investing in game technology and new product development, I expect our domestic performance to progressively improve and our international success to continue.

"While the FY19 results are relatively weak, AGT is capable of delivering improved performance. We have a professional and motivated workforce, an excellent industry reputation and a well-established footprint across all our markets."