Ainsworth Game Technology (AGT) reported full-year revenue of AU$220.2m (US$ 152.6m), a 38% increase over FY21.
This improved top-line performance drove AGT’s full-year profit after tax (PAT) to AU$11.8m, up from a loss of AU$53.4m in FY21.
Meanwhile, AGT’s full-year EBITDA was AU$37.1m, an improvement over the previous year’s loss of AU$26.6m.
Finally, Ainsworth’s improved performance reflects a return to more normal operating conditions following Covid.
AGT specifically mentioned “strong product performance in North America,” where “high denomination games” remain a strength.
Meanwhile, “improved market conditions” drove an 185% increase in revenue for Latin America. AGT’s LatAm growth was aided by venue reopenings and higher unit sales.
“I am pleased to report that Ainsworth’s earnings have significantly improved this year,” said AGT CEO Harald Neumann. “AGT’s performance improved throughout the year as a result of re-openings and recovery in many of our major international markets.”
While Ainsworth’s international business grew, revenue from its domestic operations – specifically, Australia – remained relatively flat.
This latter area generated AU$38.9 million in FY22, nearly identical to the AU$39 million generated the previous year. AGT attributed the flat performance to “extended lockdowns” in New South Wales during the first half of the year.
“While our domestic performance does not yet reflect our potential,” Neumann continued, “I am encouraged by the investments we have made to fundamentally upgrade and improve game performance, which we expect to deliver further improvement in our results.”
“This is critical to our long-term sustained success, and I look forward to keeping you updated as we make further progress.”