Poker provider reports doubled profit
Poker machine maker Ainsworth Game Technology (AGT) unveiled a $2.1 million profit as its revenue more than doubled to $64.1 million for the year ended June 30.
According to Theage.com.au, overseas sales, which are the major factor behind the revenue growth, increased from 20 percent of the company’s $32 million revenue in 2003, to 64 per cent of the revenue reported for the year just ended.
“We are delighted with the turnaround of the group and expect this result will herald further profit growth and sales expansion in the new financial year,” commented AGT’s founder and executive chairman Len Ainsworth.
The $17 million turnaround in earnings proved the right direction of the company created by Mr Ainsworth, who also founded Aristocrat. The 81-year old poker machine developer, who saw a disappointing loss in 2003, now predicts further expansion of the company.
AGT’s representatives expect that overseas sales will continue to drive the company’s growth. But currently they are not going to present a detailed outlook for the current financial year until the company’s annual meeting in November.