Ainsworth Game Technology, the Australian manufacturer of casino gaming equipment, has announced that it is looking to resume paying dividends to its shareholders in 2024.
Danny Gladstone, the Chairman of the company, has made the respective announcement during the 2023 Annual General meeting, explaining that the business will continue to stabilize its operations following the difficulties incurred during the Covid-19 pandemic.
The Chairman also defended the decision to suspend dividend payments, pointing out that the company has fully focused its resources on returning to full capacity as soon as possible. That return will most likely happen in 2023, so dividend payments should be resumed in 2024.
“With the current economic uncertainties combined with supply chain challenges, an increased level of working capital, primarily inventory levels, were considered necessary to ensure continuity in production to fulfill expected sales volumes in calendar year 2023,” Danny Gladstone said.
However, the Chairman underlined that the priority of the company remains “to maintain a strong balance sheet” and also have enough funds to finance its growth strategies and investments in new products. Gladstone also announced that the company has “recruited new talent” and that is expected to “lift the competitiveness” of the products.