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Ainsworth revenue down in 1H18 on domestic decline

Wednesday, 28 February 2018 04:11
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Australian slot machine manufacturer Ainsworth Game Technology has flagged a greater focus on international markets in the future after seeing its 1H18 revenue fall 2% year-on-year to AU$120.3 million, hurt by a 10% decline in domestic revenue to AU$37.1 million.

International revenues grew 2% year-on-year for the period to AU$83.2 million and comprised 69% of Ainsworth’s total sales – up from 67% in 1H17. Latin America was the big mover, seeing revenues climb 11% to AU$36.6 million while North America grew 3% to AU$38.3 million.

Sales in New Zealand, Asia and Europe fell 27% but the company said it “expected a good contribution” from Novomatic following its acquisition of a 52.2% stake in the company in January, with the European giant having committed to deliver 1,000 units.

“The 1H18 results are in line with our expectations,” said Ainsworth CEO Danny Gladstone. “We continue to make good progress in executing on our key strategies to grow and strengthen Ainsworth. 

“Our first half results provide a solid base for a strong second half performance. We enter H2 with good momentum and we are making continuing progress in growing in the Americas where our innovative technologies perform well. We expect to increase our units on participation, driving high quality earnings and strong cash flow. 

“We look forward to building our strategic relationship with Churchill Downs Inc and growing in new jurisdictions such as Washington. Our relationship with our partner Novomatic is also developing well and we expect to sell more kits and machines to them in the second half.”

EBITDA for the six months fell 22.9% to AU$24.6 million with normalised profit after tax down 16.6% to AU$13.6 million.

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