Ainsworth to align financial year reporting with Novomatic

Jun 02, 2022 Newsdesk Industry Talk, Latest News, World  

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Australia-listed slot machine maker Ainsworth Game Technology Ltd says it is changing the company’s financial year-end, from June 30 to December 31. This was in order to “align the financial year end of the company and its reporting schedule with its overseas operations and business cycles,” stated the firm in a Thursday filing.

The gaming supplier said the decision would also “align the company’s financial year with the financial year end of Novomatic AG.” Austria-based Novomatic controls a 52-percent stake in Ainsworth.

Tying to Novomatic’s financial year would “reduce duplication of processes and increase efficiencies of the company’s financial reporting,” added Ainsworth.

The Australian firm said it would have a “six-month transitional” financial year from July 1 to December 31 this year. The company would be on a 12-month financial year from January 1, 2023, it stated.

In February, Ainsworth reported a profit of AUD9.1 million (US$6.5 million) for its financial-year first half, ending December 31, 2021. That compared to a nearly AUD50.1-million loss for the same period in 2020.

First-half group revenue rose 39.7 percent year-on-year to AUD100.7 million.

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