This improved top-line performance drove a return to profitability; AGT’s full year profit after tax (PAT) came to AU$11.8m, up from FY21’s AU$53.4m loss.
AGT’s full year EBITDA, meanwhile, was AU$37.1m, an improvement when compared to last year’s loss of AU$26.6m.
Ultimately, Ainsworth’s healthier performance reflects a return to more normal operating conditions post-Covid.
In particular, AGT singled out “strong product performance in North America,” where it said “high denomination games” continue to be a strength.
Meanwhile, “improved market conditions” in Latin America drove a 185% increase in revenue for this region. Venue re-openings and higher unit sales contributed to AGT’s LatAm growth.
“I am pleased to report much improved earnings from Ainsworth this year,” said AGT CEO Harald Neumann. “AGT’s performance continued to improve through the year driven by re-openings and recovery in many of our major international markets.”
However, while Ainsworth’s international business experienced top-line growth, revenue from its domestic operations – namely, Australia – remained relatively unchanged.
For FY22, this latter area produced AU$38.9m, almost identical to last year’s AU$39m. AGT attributed this flat performance to “extended lockdowns” in New South Wales during H1.
Neumann continued: “While our domestic performance does not yet reflect our potential, I am encouraged with the investments we have made to fundamentally upgrade and further improve game performance which we expect to deliver further improvement in our results.
“This is key to our long-term sustained success, and I look forward to updating you as we make continued progress.”