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Ainsworth ends 2023 with $5.8 mln in net losses

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Australian gaming machine manufacturer Ainsworth Game Technology, reported a net loss after tax of AU$9.0 million ($5.8 million) for full-year 2023, compared to the net profit after tax of AU$10.2 million in the prior year.

The company reported a full-year Profit Before Tax, excluding currency impacts and one-off items, of AU$41.5 million ($27 million), marking an increase of 10.4 percent compared to the previous 12-month period ending December 31, 2022.

During the second half of 2023, AGT achieved a normalised contribution of AU$18.3 million ($11.9 million), aligning closely with the market guidance of AU$18 million ($11.7 million).

The company defended that its strategies to develop and introduce new products have ‘significantly enhanced product performance across global markets’, resulting in revenue increases across all regions and segments compared to 2022.

AGT’s Chairman, Danny Gladstone, expressed satisfaction with the company’s progress and investments made during the current period, laying the groundwork for the development and release of innovative products aimed at further improving the group’s financial performance in the future.

AGT’s revenue reached AU$284.9 million ($185.4 million) in 2023, representing a 17 percent increase compared to the previous year, with underlying EBITDA reaching AU$57.8 million ($37.6 million).

The company underscored that its international revenues experienced a significant uptick, rising by 24 percent and accounting for 86 percent of the group’s total revenue.

AGT also expanded its operational footprint, with a total of 7,222 machines in operation as of December 31, 2023, marking steady growth compared to previous periods.

In the Asia Pacific region, AGT said it had ‘maintained consistent performance despite competitive market conditions’.

Revenue in this region increased to AU$48.8 million ($31.7 million), with Australia contributing significantly to unit sales.

Despite challenges such as higher fixed costs and inflationary pressures, AGT remained optimistic about future growth prospects, driven by the successful launch of new products like the A-star 100TM cabinet and games such as Grand FortuneTM and Oriental GongsTM.

The recent release of the Jackpot Kingdom Link TM in Queensland was said to have ‘shown promising performance improvements’, with plans for further expansion into New South Wales and other markets in the first quarter of 2024, reflecting AGT’s commitment to ‘innovation and market expansion’.

Nelson Moura
Nelson Mourahttp://agbrief.com
Editor and reporter with 10 years of experience in Greater China, namely Taiwan and Macau, in printed and online media, with a focus on finance, gaming, politics, crime, business and social issues.

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