Ainsworth rides the US market recovery, net profit of $8m

Australian manufacturer Ainsworth Game Technology reported net profit of A$11.8 million ($8 million) for the financial year ended on June 30, 2022 as compared to the net loss of A$53.4 million ($36.6 million) reported by the company for the pandemic impacted fiscal 2021.

Domestic business contributed 18 percent to the revenue pie pegged at A$38.9 million ($26.66 million), whereas International business contributed 82 percent to the revenue pie pegged at A$181.3 million ($124.25 million). 
The figures represent a 50 percent rise on a year-on-year basis from A$120.5 million ($82.58 million).
“AGT delivered a solid performance in the second half of the year due to improved product performance and improved market conditions in Latin America as pandemic restrictions eased further during the current period,” the company earnings release read.
Net revenue of the company increased by A$60.7 million ($41.6 million) on a year-on-year basis registering an improvement of 38 percent at A$220.2 million ($151 million) as against A$159.5 million ($109.3 million)
Of the international revenues, A$115.1 million ($78.9 million) revenues poured from North America, whereas $52.2 million ($35.77 million) poured from Latin American markets and A$14 million ($9.6 million) was recorded from Rest of the World markets.
AGT benefited from solid growth in the second half of the year as trading conditions continued to recover across the Americas.
The improved results were primarily driven by strong product performance in North America.
High denomination games continue to be a strength of AGT in the United States.Harald Neumann, AGT’s new CEO noted, “AGT’s performance continued to improve through the year driven by re-openings and recovery in many of our major international markets.”

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