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.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.