Ainsworth shares shed 8.3% on profit downgrade

Company News

by Anna Napoli

Ainsworth Gaming (ASX:AGI) has flagged lower than expected performance for the second half of the 2019 financial year in an announcement released to the ASX today.

Profit before Tax, excluding one off items, is now expected to be around $4 million for the six months ended June 30th 2019.

At the time of first half results Ainsworth expected second half 2019 profit was to exceed the companies first half result of $8.9 million.

The company says it has been impacted by intense competitive market pressures and delays encountered in new product approvals which were not achieved in the expected timeframes.

These approvals are now being progressively secured and are expected to translate into improved product performance and domestic market share gains in FY20.

Shares in Ainsworth Game Technology (ASX:AGI) are trading 8.3 per cent lower at 77 cents.
 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.