GGRAsia – Aristocrat biz performance ‘encouraging’: CEO Croker

Aristocrat biz performance ‘encouraging’: CEO Croker

Feb 24, 2023 Newsdesk Industry Talk, Latest News

The chief executive and managing director of slot-machine maker and game-content provider Aristocrat Leisure Ltd says the group’s performance so far in the financial year that started October 1, 2022 “has been encouraging” and “in line” with the firm’s plans.

In a speech on Friday during the company’s 2023 annual general meeting, Trevor Croker (pictured) said the firm’s gaming segment had “started the year positively, particularly in North America.”

He made reference to a partnership announced last week between Anaxi – the group’s online real money gaming (RMG) division – and U.S.-based online betting platform BetMGM.

Mr Croker said Anaxi expected “to announce a further agreement shortly”. He did not provide more detail.

“We anticipate a number of other agreements over the year,” added Mr Croker.

During Friday’s annual general meeting, Aristocrat’s management reaffirmed its outlook for the financial year ending September 30, 2023. The firm said it expected to deliver year-on-year growth regarding net profit after tax and before amortisation of acquired intangibles (NPATA). It did not provide a detailed estimate.

It said the expected improved performance would be supported by “continued strong revenue and profit growth from Aristocrat Gaming,” underpinned by “recurring revenue drivers” in the group’s gaming operations.

Aristocrat Leisure reported NPATA of AUD1.05 billion (US$715.0 million) for its fiscal-year ended September 30, 2022. That was up 13.9 percent in year-on-year terms.

During the annual general meeting, the chairman of Aristocrat Leisure, Neil Chatfield, announced the board’s decision to extend an existing share buy-back programme, to allow up to a further AUD500 million in shares to be bought back. The duration of the programme will be extended by an additional 12 months, until May 2024.

According to a company filing, Aristocrat Leisure has bought AUD478 million of shares since June 2022. That was under an AUD500-million on-market share buy-back programme announced in May 2022.

“Aristocrat continues to generate strong cash flow and this prudent step provides the business with appropriate flexibility to continue to pursue a mix of returns to shareholders while also investing in strategic acquisitions and organic growth initiatives,” said Mr Chatfield in a speech delivered during the annual general meeting.