Ainsworth Gaming, a provider of gaming equipment, forecasts a deficit of approximately $11 million for the initial six months of its 2021 financial year, concluding December 31st, 2020. This outcome stems from the continuing effects of the COVID-19 outbreak on their brick-and-mortar operations.
The firm anticipates that the challenging market circumstances encountered in the latter part of 2020 will extend into the first half of 2021. They project a pre-tax loss of $15 million AUD (excluding exchange rate variations and non-recurring expenses), consistent with their estimates following the September quarter’s impact.
Despite this, AGT predicts enhanced results for the entirety of 2021, based on the prevailing conditions in the North American market. The degree to which the pandemic will influence Latin American commerce towards the close of 2020 remains uncertain.
Chief Executive Lawrence Levy views 2021 as a year of two distinct periods. The initial half will center on safely managing the reopening process, while the latter half is expected to witness recuperation and expansion as we move towards a “post-pandemic reality.”
Levy expresses confidence in AGT’s favorable position to leverage the industry’s resurgence, citing their strong brand recognition, robust financial health, and continuous dedication to innovation. This advantage will be particularly evident as customer venues resume operations and capital investments rise.
The fiscal year 2020 proved challenging for AGT. Their financial reports for the twelve months concluding on June 30th revealed a significant deficit after taxes, totaling AU$43.4 million. This starkly contrasted with the AU$10.9 million surplus they had achieved in the preceding year. Contributing to this downturn was a precipitous decline in sales income, which contracted by 36% to reach AU$149.4 million.
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