Ainsworth Game Technology (AGT) expects to report a loss of AU$15m (US$11m) for the first half of its 2021 fiscal year, with the coronavirus pandemic still causing widespread impact on the land-based industry.
The Australia-based gaming equipment supplier anticipates that the “challenging market conditions” experienced in the second half of its full-year 2020 results to continue into H1 2021, which covers up until 31 December 2020.
In its Annual General Meeting (AGM), the supplier mentioned that the AU$15m pre-tax loss for the group, excluding the impacts of foreign exchange and one-off items, is in line with the company’s expectations following the “effect of the September quarter.”
However, the supplier said it anticipates an improved performance throughout FY 2021, given the current landscape in North America, with a widespread number of COVID-19 infections in Latin America impacting trading for the period until the end of 2020.
AGT CEO Lawrence Levy, said: “I anticipate that FY21 will be a year of two distinct halves. Half 1 will be about safety and security through the reopening phase; Half 2 will be about recuperation and development as we enter the “new normal” phase.
“In summary, AGT, with its well-regarded reputation, sound financial position and ongoing commitment to innovation, is well placed to benefit from industry recovery as customers’ venues reopen and capex spend increases.”
AGT reported an after tax loss of AU$43.4m for the 2020 fiscal year ending 30 June, compared to a profit of AU$10.9m in 2019, while its sales revenue for the year was down 36% to $149.4m.