Ainsworth Posts 2020 Loss of A$39.6 Million

Australian betting group Ainsworth Game Technology has announced their 2020 full year financial results, posting an operating loss of $50.3 million due to the Covid-19 pandemic.

The full year results ending June 30th, 2020 were:

• Revenues down 36.2% to $149.4 million
• North American revenues of $72 million
• Latin American revenues down 42.5% to $42 million
• Australia and the rest of the world revenues down 27.1% to $35 million
• Online and digital operations up to $4.6 million
• Cost of Sales down 37.5% to $59 million
• Marketing expenses down 8.6% to $59.3 million
• Administrative costs down 11.6% to $22.2 million
• Operating loss of $50.3 million, down from a profit of $5.4 million last year

Ainsworth CEO Lawrency Levy said that the results are hopefully short-term, and that the group is taking measures to steady the boat. "We took proactive measures to streamline our overheads and restructure previous financing arrangements to ensure we can endure the current downturn," said Levy. "AGT is well positioned as customers across our major markets look to recover from the effects of the pandemic."