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Ainsworth reaffirms profit guidance for FY18

ASX-listed Ainsworth Game Technology Ltd (AGT) has reaffirmed its profit guidance for the 2018 financial year, which it says is expected to reach approximately A$36 million.

AGT first announced a rebasing of its profit expectations in a filing on May 4, due mainly to increasing competition in the domestic market, and slightly lower unit sales in Latin America expected in FY18H2.

Profit expectations for the second half of FY18 was revised down to $20 million, down from $42.2 million in FY17H2. Profit for the year was revised  to $36 million, down from $57.4 million in FY17.

At the time, Ainsworth said its revised profit expectation was on the expectation that an order for 600 AGT machines to Churchill Downs’ racing facility in Louisville would be completed this financial year.

On Wednesday, Ainsworth announced this order has been delivered and has thus has reaffirmed its profit guidance for FY18.

The company has also advised that its established debt facility with the Australia and New Zealand banking group (ANZ) has been extended through to September 2021.

The previous expiry date for the loan was March 2019.

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