Ainsworth Game reports revenue of $185.1 million in 2023; up by 17% from 2022

The Australian-listed maker of slot machines, Ainsworth Game Technology Ltd., released its financial statements for the fiscal year that concluded on December 31, 2023. The company’s revenues increased 17.0 percent from 2022 to AUD284.9 million (US$185.1 million).

It did, however, disclose a net loss after taxes of AUD9.0 million for the whole year as opposed to AUD10.2 million for the prior year. Rather than a AUD2.6 million gain in 2022, Ainsworth attributed the loss to a foreign currency loss of AUD21.5 million in 2023.

In 2023, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to AUD18.9 million, indicating a decline of 31.0 percent on an annual basis. During the reporting period, there were no declared dividends. After a “strong performance” in the second half of 2023, Ainsworth reported a normalized profit before tax for the whole year of AUD41.5 million, an increase of 10.4% over the previous year.

The year 2023 saw a 23.7 percent year-over-year increase in international revenues to AUD245.1 million, or around 86.0 percent of the group’s total revenue. AUD140.4 million, or 57.3 percent of total sales abroad, was generated in North America. The Asia Pacific business, which comprises Australia, New Zealand, and Asia, had sales of AUD48.8 million, up 2.3 percent from the previous year. However, profit dropped 33.3 percent as a result of a number of issues, including inflationary pressures and the depreciating value of the Australian currency relative to the US dollar.

Following the post-pandemic market bounce, Ainsworth had an increase in unit sales linked to Asia, offsetting a decline in sales from Australia. The company said that new venue openings in the Philippines and a change in sales distributors will contribute to future revenue growth in this area.

Ainsworth achieved a significant milestone in the Asian gaming sector in October when it constructed 24 A-Star cabinets at the City of Dreams Manila gaming resort in the Philippines. Ainsworth has 7,222 machines operating as of December 31, 2023, an increase over June 30, 2023 and December 31, 2022.

Ainsworth CEO Harald Neumann highlighted the investments made to update hardware, software, and gaming performance, projecting further growth in profits and long-term success.

Speaking about the present strategic evaluation that aims to maximize shareholder value, Chairman Danny Gladstone said that Macquarie Capital is acting as the financial advisor for this project. He emphasized that the business would keep the market informed of any developments resulting from this investigation.

Original story by: GGRAsia