Ainsworth says FY18 first half earnings to be below pcp

Ainsworth Game Technology says it expects to make up for a difficult first half of the financial year, with product approval delays, temporary margin impacts, change in sales mix and lower unit sales in Asia impacting on results. 

The company said it expects its pre-tax profit for the first half of FY18 to be down compared to the prior corresponding period.

The company made the statement during a 2017 AGM presentation, noting that it expects profits to be “heavily weighted” to the second half of the financial year.

“In FY18H2, we confidently expect to increase the group’s pre-tax profit, excluding foreign currency impacts, compared to pcp. We expect to sell similar units in North America in FY18H2 than FY17 in total. We expect to see the early benefits of our new product strategy and our domestic market share to consolidate.”

For the financial year ended June 30, 2017, Ainsworth posted profits exceeding guidance, delivering profit before tax of A$57.4 million (US$43.6 million).

“Momentum is clearly building at Ainsworth and with our strong second half seasonality, we have a positive outlook for FY18,” said chief executive officer Danny Gladstone.

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