Slot maker Ainsworth Game Technology Ltd says it now expects to have a pre-tax profit of circa AUD1.6 million (US$1.2 million) for the six months to June 30, the second half of its financial year. The latest forecast compares to a prior estimate, released in May, of pre-tax profit of circa AUD1 million.
In a business update filed with the Australian Securities Exchange on Thursday, Ainsworth said the AUD1.6-million profit estimate excluded one-off items and currency translations.
The firm said underlying earnings before interest, taxation, depreciation and amortisation (EBITDA) for the six months to June 30 was expected to be about AUD14.4 million, compared to the AUD13.2 million previously advised in May. The EBITDA forecast also excluded one-off items and currency translations.
Ainsworth now forecasts revenue for the reporting period to have been around AUD88 million, representing a sequential growth of 22 percent. North America and Australia remained the company’s strongest markets in the six months ended June 30, according to the release.
The company expects to release its audited results on August 26.
In Asian markets, Ainsworth also represents the interests of the Novomatic casino technology brand, belonging to Ainsworth’s controlling shareholder, Austria-based Novomatic AG.
Ainsworth stated in its Thursday release that “strong cash flows” in the six months ended June 30, “along with the effective management of operational expenses”, resulted in cash held of AUD42 million, an increase of 56 percent in year-on-year terms.
The cash balance excluded any contribution from the previously announced exclusive agreement with GAN Ltd, where an initial US$5.0 million was received by Ainsworth in early July.
The slot maker had said in May it made a five-year deal with GAN, a provider of interactive Internet-delivered games, to “license Ainsworth online real money games” in the United States. Ainsworth added at the time that under the arrangement, it would supply GAN with “exclusive online rights” to 79 slot titles, including the “QuickSpin” brand of wheel games, and “proven top-performing high-denomination titles”.
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