Ainsworth Gaming Corporation (AGC) witnessed a substantial revenue surge in the initial six months of its 2022 financial year, posting a 40% rise compared to the corresponding period last year. This expansion propelled their revenue to a total of AUD $100.7 million (USD $72.3 million).
The corporation’s earnings also underwent a remarkable transformation. Their adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) hit AUD $20.7 million, a stark difference from the prior year’s AUD $1.1 million. Likewise, their pre-tax profit climbed to AUD $10 million, a significant enhancement from the AUD $18.7 million deficit incurred in the same timeframe the previous year.
AGC ascribed this triumph to several primary elements. Firstly, the escalating prevalence and distribution of their Historical Horse Racing (HHR) devices, notably the shift of 400 leased HHR units in North America to direct purchases, significantly contributed to their revenue. Secondly, the Latin American market’s resurgence, facilitated by the resumption of leisure facilities, played a vital part in elevating their earnings. Lastly, their internet gaming segment experienced considerable expansion, further reinforcing their overall fiscal performance.
This upward trajectory was mirrored in their global revenue, which observed a 59% year-on-year increase, now constituting a substantial 83% of the group’s overall revenue. This international achievement was largely credited to the improving market circumstances abroad.
Although their Australian market encountered a 13% decrease, their North American operations thrived, attaining a 33% growth and reaching AUD $54.6 million in revenue. AGC remains dedicated to its approach of concentrating on recurring revenue channels, which saw a praiseworthy 28% increase, solidifying their trajectory towards sustained expansion.
AGTs first-half performance has genuinely delighted us. This success is largely attributed to the resurgence and revitalization of significant global markets such as Australia and Latin America,” remarked Harald Neumann, AGT’s Chief Executive Officer. “We anticipate this positive trajectory, particularly within these pivotal markets, to persist. Concurrently, we are implementing substantial internal transformations to significantly elevate our game design and technological capabilities.”
He continued, “Introducing innovative products that cater to our clientele is paramount to our sustained achievements. I eagerly await sharing further developments regarding our advancements.”
