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Ainsworth Registers Revenue Increase In First Half of Fiscal Year

Posted on March 22, 2023 | 6:15 am

Ainsworth Game Technology, the well-known Australian manufacturer of casino gaming equipment, has announced its results for the first half of the 2023 fiscal year and the report shows a revenue increase of 23 percent.

The Australian’s company revenue for the six months to 31 December 2022 amounted to 124.1 million Australian dollars, 4.6 percent higher than the previous six months as well.

Ainsworth Game Technology reported growth across all jurisdictions where the company operates, but Latin America was the most impressive with an increase of 49 percent year-on-year as gaming venues reopened both in Mexico and Peru.

The company’s revenue in Australia also went up by 39 percent compared to the same period of the previous year, amounting to 23.2 million Australian dollars. The most lucrative region was New South Wales, which recorded an increase of 16 percent compared to the previous six months.

The company’s operations in North America also recorded a year-on-year increase of 9 percent with revenue amounting to 59.7 million Australian dollars. In fact, 59 percent of Ainsworth’s international revenue came from North America as Ainsworth announced that it has 2,827 machines installed and operations in the region. The Rest of the World segment also saw revenues grow by 79 percent to 8.1 million Australian dollars.

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Lower Profit, Dividends Remain Suspended

Despite the increased revenue, Ainsworth recorded just 5.9 million Australian dollars in profit after tax, 35 percent lower year-on-year. However, the company pointed out that the lower profit was due to currency effects and one-off items, without those factors it would have amounted to 18.8 million Australian dollars, which would have been 88 percent higher year-on-year.

Harald Neumann, the Chief Executive Officer of Ainsworth Game Technology, declared himself pleased with the results and hailed the company’s “continued progress” as improved earnings are expected in the future as well.

“I am confident that the investments we have made to fundamentally upgrade our technology, hardware and improve game performance is expected to deliver further improvement in our results,” Harald Neumann added.

In December 2022 the Australian company announced that it was going to keep dividend payments suspended for at least another year, after their payment was first stopped due to the negative impact of the novel coronavirus pandemic in 2020. The company also announced that it was going to focus on building cash reserves in order to fund its growth initiatives in 2023.

Source:“Ainsworth reports 23% increase in revenues in 1H23 as all segments show growth“Inside Asian Gaming. February 28, 2023.

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