ralian slot machine manufacturer Ainsworth Game Technology Limited has announced a 32% year-on-year drop in its profits for the financial year ending 30th June 2017.

In its full financial report for the year, the company reported profits after tax of A$37.9m dropping from the previous year’s fiscal year total of A$55.7m. As a result of these losses, company revenue in the period dropped by 1%.

Earnings before interest, tax, depreciation and amortisation (EBITDA) decreased by 27% from A$95.8m in the fiscal year ending 30th June 2016 to A$70.3m in the following financial year. The company’s earnings before interest and tax dropped by 72% from A$72.8m to A$44.5m.

Despite the poor financial figures, Ainsworth said a weak first-half performance had been followed by significant improvement in the second half of the fiscal year, where pre-tax profit had exceeded market estimates, at A$42.2 million, rising 178 percent on the A$15.2 million reported in the first six months of the financial year.

In a statement released with the results, Ainsworth CEO Danny Gladstone said: “It was pleasing to report such a strong 2HFY17 profit performance, exceeding guidance for the year. 2H profits, excluding currency, were up by 178% on 1H. We enter FY18 with good momentum. Our profile in the Americas continues to increase. Our sales pipeline is strong with large, confirmed orders and new market opportunities.

Our new licensed Pac Man product is increasing the strategically important number of units under operation generating high quality recurring revenues. Positively, we are starting to see the early outcomes from our investments in R&D and strengthened technology leadership. “

“With a broadened product offering and the new, recently launched EVO cabinet in Australia we expect to increase market share both internationally and in domestic markets.”