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Ainsworth Focuses On Growth In 2023, Dividends Remain Suspended

Posted on December 6, 2022 | 8:19 am
ainsworth-focused-on-building-cash-war-chest-to-fund-growth-initiatives

Ainsworth Game Technology, the famous Australian gaming equipment manufacturer, has announced that it will focus on building cash reserves in order to fund its growth initiatives in 2023.

That will keep dividend payments suspended for at least another year, after their payment was first halted due to the negative impact of the novel coronavirus pandemic on the Australian company’s business.

Danny Gladstone, the current Chairman of Ainsworth and a former Chief Executive Officer of the company, spoke about the company’s plans at the Annual General Meeting at the end of November. The Chairman pointed out that Ainsworth has around 50 million Australian dollars in cash, which represents a strong building block for growth.

However, the Chairman added that it was very important that the company maintains such cash reserves because the current times bring “ongoing economic uncertainties.” Gladstone stressed that the company’s priority “remains to maintain a strong balance sheet to be able to self-fund the growth strategy and product investments.”

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Return To Profitability

Ainsworth finally managed to return to profitability in the 2021-2022 fiscal year, reporting a profit before tax worth 27.3 million Australian dollars. After tax, the company still managed to gather a profit of 11.8 million Australian dollars.

The increased income in 2021-2022 allowed Ainsworth to build its cash position, raising it by 45.2 million Australian dollars compared to the previous year. Harald Neumann, the company’s current Chief Executive Officer, revealed that the Australian company expects to record a profit before tax of 18 million Australian dollars in the six months to 31 December 2022, the first half of the 2022-2023 fiscal year. 

The CEO also pointed out that investment into research and development will continue, including the launch of two new games studios in addition to the company’s established studios located in Australia and Las Vegas. “We have entered the first half of FY23 with good momentum, the new year has started well and we will continue to execute the plan,” the Chief Executive Officer concluded.

Ainsworth Game Technology is one of the pillars of the global gambling industry. The company was founded back in 1995 in Sydney and gradually expanded into new markets like North America, Europe, Asia and South America.

SOURCE“Ainsworth focused on building cash war chest to fund growth initiatives“Inside Asian Gaming. November 30, 2022.

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