Ainsworth CEO hints more room for cost saving

Sep 01, 2020 Newsdesk Latest News, Top of the deck, World  

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The chief executive of Australia-based slot machine maker Ainsworth Game Ltd, said in a teleconference session discussing its results for the fiscal year to June 30, that the company has scope to introduce more cost saving measures if needed.

The company reported on August 27 a 12-month loss amounting to AUD43.4 million (US$31.5 million), compared to a prior-year profit of AUD10.9 million. The firm also said it cut 107 posts during the reporting period.

The group said at the time that the decision to reduced employee numbers resulted in an annual cost saving of approximately AUD10 million, which was “expected to carry forward into fiscal year 2021”.

CEO Lawrence Levy (pictured in a file photo) stated during the subsequent presentation on Tuesday, a transcript of which was filed to the Australian Securities Exchange: “We are positioning ourselves to withstand the effects of the current global conditions, which have resulted from the pandemic,” adding the firm would “capitalise on the recovery as it builds”.

Mr Levy observed: “We have a leaner company structure, with the opportunity to further consolidate our operations.”

Mark Ludski, chief financial officer, said on the same teleconference that despite reduced working hours having been initially introduced within research and development areas of the business as part of the cost-savings effort, “a gradual reintroduction of normal working hours” in that function “has occurred, to ensure timing of new game approvals are achieved in preparation for when markets recover from Covid-19”.

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