Agi results higher?, page-4

Ainsworth profit hit by forex


Len Ainsworth, the oldest chairman of an ASX listed company.

• • Daniel Palmer
  • The Australian
  • 8:20PM August 22, 2016

Pokies group Ainsworth Game Technology has reported a slide in profit for the full year, as foreign exchange movements and weakness in the domestic market weighed.

In an after-market statement to investors, Ainsworth said its earnings slid 21 per cent to $55.7 million for the 12 months to June 30.

The reduced profit was recorded despite a 19 per cent jump in revenue to $285.5m.

The company, which recently saw founder Len Ainsworth sell out his near $500 million stake, said its pre-tax earnings after adjusting for the impact of forex moves dipped 0.2 per cent to $52.4m.

The number effectively matched its guidance for a result broadly in line with last year’s corresponding number of $52.5m.

“Excluding the effect of foreign exchange gains, the fiscal 2016 results were solid,” chief executive Danny Gladstone said.

“I am pleased with the changes initiated within product development and the momentum of the group going forward. The evolution of Ainsworth is continuing in line with our strategy.”

The company declined to offer formal guidance, but said the year had started on a positive note.

“I am confident that the release of a range of new games and concepts on the technically advanced A600 at the Australasian Gaming Exhibition in August 2016 has been well received and should provide the positive momentum to improve domestic results – both revenue and profitability,” Mr Gladstone said.
The group will detail its forecasts at its November 15 AGM.

Ainsworth declared a final dividend of 5c a share, in line with last year’s payout.

http://www.theaustralian.com.au/bus...x/news-story/c30c8b3423a9a50fc7697d92726c0ca2