Ainsworth FY21 Full Year Results; Second Half Recovery
August 26, 2021 - Australian slot machine supplier Ainsworth Game Technology has reported a loss before tax of AU$59.2 million for the 12 months to 30 June 2021, although just AU$2.6 million of that loss was recorded in the second half of the financial year.
The FY21 loss, widened from a loss of AU$43 million in 2020, came despite a 7% increase in revenue to AU$159.5 million, where gains in the North American and Australian markets offset a significant decline in Latin America.
Ainsworth said the FY21 loss would have only been just AU$17.1 million if not for currency translation impacts and one-off items, with a 1H21 loss of AU$18.7 million and 2H21 profit of AU$1.6 million.
Adjusted EBITDA of AU$15.5 million, up from AU$5.8 million a year earlier, included EBITDA of AU$1.1 million for the first half of FY21 and AU$14.4 million in the second half.
According to Ainsworth’s FY21 results release, international markets contributed 76% of the group’s total revenue at AU$120.5 million, with revenue from North America up 23% year-on-year to AU$88.5 million.
The Australian region also performed well, with revenue up 38% year-on-year and EBITDA by 15% to AU$5.4 million including increases in all states except Victoria. Ainsworth added that despite current uncertainties across Australia due to COVID-10 lockdowns in Victoria and New South Wales, customers are c continuing to invest in their gaming floors in preparation for when venues reopen.
However, revenues in Latin America fell 56% in FY21 to AU$18.3 million with mandated closures and restricted access in Mexico, Argentina and Peru impacting results.
Ainsworth reported a 28% increase in online revenue to AU$5.9 million after launching real money gaming in New Jersey in April 2020.
Ainsworth's presentation is at: https://www.agtslots.com/assets/ASX-Release---Financial-Results-FY21_Presentation-1630034518.pdf