Ainsworth Suffers 66% Drop in Post-Tax Profit

This story was published more than 1 year ago.

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."

About the author

Kingston Li // Asia Correspondent
Kingston Li
Kingston is a big fan of Baccarat and Texas Hold'em Poker and has tested his skills in tournaments around Asia and the world. He covers the latest gambling news from Asia for Casino Listings. In his spare time, Kingston enjoys hiking, video gaming, and playing disc golf.
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bgsharpe
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29 August 2019 - 5:42pm
#1

The drop in profits looks huge for Ainsworth but maybe that's partly because of the acquisition they've made but

Quote:

Australian sales down 43%

certainly looks like a worrying figure.