Ainsworth Game Technology announced a 66 percent drop in 2019 profit, with Chief Executive Lawrence Levy calling the results “relatively weak,” with room for improvement.
Profit after tax was A$10.9 million, with revenue dropping 12 percent to $243.3 million.
The company blamed the result on poor product performance and increased competitive pressure in Australia, its domestic market, which was partially offset by a stronger performance in North America.
Domestic revenue fell 43 percent to $36.1 million and profit was $2.8 million. It says it’s transitioning to a new product suite, which should help the company regain market share.
In North America, revenue rose 8 percent to $114 million, while profit gained 16 percent to $47.1 million.
Latin America saw revenues down 8 percent to $72.7 million and profit down 22 percent to $24 million. International revenue now makes up 85 percent of the group total.
“While the 2019 results are relatively week, AGT is capable of delivering improved performance,” said Levy, who took the top job from the beginning of July. “We have a professional and motivated workforce, an excellent industry reputation and a well-established footprint across all our markets.”
Levy said Ainsworth has begun to re-evaluate and refocus its research and development on new innovative products and drive long-term growth.