Australian slot machine developer Ainsworth Game Technology Limited says it expects its profit before tax for 2H18 to come in at around AU$20 million and for the full year at around AU$36 million following completion of a major order to Churchill Downs Incorporated (CDI) in the US.
In a filing to the Australian Securities Exchange on Tuesday, Ainsworth confirmed that it has completed the supply of 600 slot machines to CDI’s newly built historical machine racing facility, Derby City Gaming in Louisville, which is scheduled to open in spring.
The machines include Ainsworth’s pari-mutuel historical racing games, which have been specifically engineered for CDI as part of an agreement between the two parties.
“Ainsworth is pleased to confirm the CDI order has been delivered and will be recognized in the FY18 financial results.
As a result, guidance for FY18 and for the full year FY18 are affirmed,” the company said.
Despite the CDI completion, Ainsworth’s guidance update comes in below original expectations with CEO Danny Gladstone stating in an earlier release, “We are clearly very disappointed by the rebasing of our profit expectations for 2H18. We operate in competitive markets and our execution this time has not met the high standards our shareholders correctly deserve. We are moving decisively to improve our profit outlook and are continuing to progress new product developments and marketing initiatives, which we confidently expect to improve our performance in FY19.”
Ainsworth will announce its FY18 results on 29 August 2018.
In separate news, the company says its established debt facility with the ANZ bank has been extended from March 2019 through to September 2021.
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