Ainsworth Game Technology Posts Revenue Drop

September 2, 2019 by

Australian gaming machines and content provider Ainsworth Game Technology (AGT) posted a 66% drop in their post-tax profit to AUD$10.9 m (£ 5.98m/€6.59m/$7.31 m) on the back of a 12% drop in turnover to $234.3 m for the 12-month period until June 30, 2019. With the Internet segment of the company representing $4.2 million in revenues, group income before tax and deductions were $44.8 million, a decline of 34 per cent year-on-year, with difficult circumstances criticized for the general decline in Australia and Latin America. Three months after releasing a profit warning, Ainsworth again highlighted its national industry as a struggle, with revenues falling 43 per cent in Australia.

However, at the end of the financial year, the company emphasized a stronger balance sheet, with net cash of $6.2m versus net debt of $36.2m 12 months previously, promoting a rise in R&D funds to promote sustainable development, complemented by selective purchases. AGT also highlighted promoting improvements in North America, where income grew by 8%, helping to raise global revenues to 85% of the company’s turnover. Ainsworth added that 20 games have been accepted for the PlayMGM internet service in New Jersey with GVC, while a total of 62 matches have been created and accepted over the 12-month span for online distribution across the US, Europe and Latin America.

In February, Mustang Money, its first real-money online casino game, was announced by the business in Mexico. AGT said the play fulfils aspirations to grow the player database and revenue of the company. Lawrence Levy, elected as the current chief executive of the business on 1 July, said the business is reviewing its R&D investments.

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