Ainsworth Game Technology Braces for Difficult First Half of 2021 Amid Pandemic Challenges

The Australian slot machine creator, Ainsworth Game Technology (AGT), is preparing for a challenging initial six months of the 2021 financial year, forecasting a deficit of approximately AUD$15 million (roughly US$11 million). The firm points to the persistent COVID-19 outbreak and its devastating consequences on the brick-and-mortar gaming sector as the main factor.

This anticipated shortfall, which corresponds with previous projections from AGT, represents a continuation of the “challenging market circumstances” encountered in the latter part of the 2020 fiscal year. The organization acknowledges that the pandemic’s repercussions, especially during their “third quarter,” have been significant.

Nevertheless, AGT maintains a positive outlook for a more robust latter half of the 2021 fiscal year. They anticipate enhancements fueled by the United States market, even while recognizing that the widespread effects of the pandemic in South America will probably influence commerce until the close of 2020.

AGT Chief Executive Officer, Lawrence Levy, envisions a year with two distinct periods. The first will concentrate on managing the intricacies of resuming operations, prioritizing well-being and protection. The subsequent period, he contends, will introduce a “new standard,” with an emphasis on revival and expansion.

Levy conveyed assurance in AGT’s capacity to leverage the industry’s resurgence. He highlighted the company’s solid standing, robust financial position, and unwavering dedication to innovation as crucial assets that will propel their achievements as locations reopen and capital outlay rises.

Although AGT experienced earnings of A$10.9 million in 2019, the corporation took a steep decline in the fiscal year concluding June 30, 2020. They declared a substantial deficit of A$43.4 million following taxes, with a huge 36% reduction in yearly sales income, which tumbled to A$149.4 million.