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Aristocrat Expands Share Buy-Back Scheme With 500 Million Australian Dollars

Posted on March 3, 2023 | 8:55 am
aristocrat-announces-us325-million-expansion-of-share-buy-back-scheme

Aristocrat Leisure Limited, the famous Australian supplier of slot games for land-based and online casinos, has announced that it will spend a further 500 million Australian dollars to extend its on-market share buy-back program.

The company has already bought back shares worth 478 million Australian dollars since June 2022. Now the Board of Directors has approved an additional share buy-back effort worth 500 million Australian dollars until May 2024. However, the scheme can be terminated or modified by the company at any time, depending on the market opportunities.

Speaking about the share buy-back program, Trevor Croker, the Chief Executive Officer of Aristocrat Leisure Limited, explained that the company has a “consistently strong cash flow generation” and that allows it to “pursue a mix of returns to shareholders via dividends and share buy-backs while also investing in strategic acquisitions and organic growth initiatives.”

In fact, Aristocrat Leisure Limited has just completed the acquisition of Roxor Gaming, a business-to-business online real money gaming supplier, as it continues to develop its digital real money gaming business under the Anaxi brand.

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Increased Net Profit Expected

The expanded buy-back scheme was presented at the company’s Annual General Meeting, where Trevor Croker also announced that Aristocrat expects to deliver an increased net profit in the fiscal year which ends on 30 September 2023.

The Aristocrat Leisure Limited CEO added that the company expects “continued strong revenue and profit growth from Aristocrat Gaming”, while Anaxi will receive “further investment” in order to become a more powerful player on the online gaming market.

Ratings agency Fitch recently issued a note in which it explained that Aristocrat will most likely pursue strategic mergers and acquisitions in the coming months thanks to its strong cash position.

Aristocrat Leisure Limited was founded back in 1953 and since then it grew into a company with an important global presence, operating in over 90 countries all around the world. The company kept its headquarters and administrative offices in Sydney, but it has also expanded with marketing and development offices in the United States, South Africa and Russia.

Source“Aristocrat announces US$325 million expansion of share buy-back scheme, tips group-wide profit to grow further in FY23“Inside Asian Gaming. February 24, 2023.

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