Ainsworth reports drop in revenue and profits for the financial year
Ainsworth Game Technology reported a 6% year-on-year decrease in its revenue from operating activities to A$265.5m (US$193.6m) for the financial year ending 30 June.
The supplier's profit before tax took a 10% hit to A$42.3m, while profit after tax saw a 16% drop to A$31.9m.
Underlying EBITDA declined 20% to A$67.5m compared to A$84.2m the year prior.
In terms of international revenue, the Americas contributed 91% of the total, which decreased 3% to A$201.9m due to a “decrease in sales in Asia and New Zealand.”
On a positive note, Ainsworth reported sales of A$145.3m for the second half of the year, compared to A$120.3m in the first half of the year.
On top of this, revenue from Australia saw a 14% decline to A$63.6m.
According to Ainsworth: “The decline is mainly driven by lower sales as a result of minimal business activity with large corporate customers, continuing pressure from competitors, regulatory approval delays in product submissions and further product development changes which have deferred the approval and release of previously scheduled key game titles until the first half of FY19.”