Ainsworth profit down 15.8 pct in FY18

Gaming manufacturer Ainsworth Game Technology Ltd profit after tax fell 15.8 percent in the 2018 financial year, due to a decline in Australia, Asia and Europe sales.

Profit after tax for the year was recorded at A$31.9 million (US$23.3 million), down from A$37.8 million in FY17.

Ainsworth noted however that it saw much improved second-half performance, with profit before tax (PBT) up 68 percent compared to the first half of the year.

The second half results were slightly ahead of Ainsworth’s upgraded guidance, said chief executive officer Danny Gladstone.

“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.”

Ainsworth noted that 76 percent of its total sales came from its international market, but noted that it has now observed early signs of improving market share in the domestic market too.

Revenue in the Americas grew 3 percent, with North America increasing 4 percent and Latin America stable.

However, Asia, Europe and New Zealand revenue fell 37 percent year-on-year, and domestic sales declined 14 percent, year-on-year.

This brought total revenue for the year to A$256.6 million, down 5.8 percent year-on-year. EBITDA fell 3.3 percent to A$68 million.