Ainsworth delivered an improved second half performance, with $23m PBT, an increase of 68%t on the $13.7m reported in the first half, excluding the $2.5m profit on sale of land.
Sales revenue was down to $265.6m, a decrease of 5.8%, although international revenues increased to 76 per cent of the total, climbing to 82 per cent in the second half.
Revenue in the Americas grew by 3% for the year with North America increasing by 4% and Latin America stable. Domestic sales declined 14%. Golden Cash, launched in May, boosted ship share of new installations in the primary NSW market to 15% in June, more than twice Ainsworth’s average for the year.
Chief Executive Officer, Danny Gladstone, commented: “We are pleased to deliver FY18 results slightly ahead of our upgraded guidance. Our performance continues to show signs of improvement and is a direct result of the strategies implemented to expand our international footprint, invest in technology to enhance our product suite, and build our participation fleet to improve the quality of our earnings.”
Gladstone added: “Ainsworth’s commitment to R&D is the solution to the intense competition we face in our markets. Customers are responding well to the array of new games shown at the Australian Gaming Exhibition earlier this month with further opportunities to show case these products at the Global Gaming Expo (G2E) in Las Vegas in October 2018.”
“While we recognise the intense competition we face across our markets, we are confident AGT can outperform relative to its size. We continue to invest and create new product offerings to reclaim market share in traditional Class III and II gaming markets,” he also said.
“We will continue to judiciously invest our cash flow in product improvements and innovation, and sales and marketing while retiring debt and rewarding shareholders. In FY19 we expect to release a new suite of products which should assist in translating to improved financial results,” Gladstone concludes.
Source: GMB / G3 Newswire
