Ainsworth Game Technology Limited (ASX:AGI) (“Ainsworth”) is an Australian publicly listed company headquartered in Newington, Sydney, Australia.
As a global company with offices located around the world, Ainsworth is committed to a vision of delivering excellence in gaming solutions and being a leading supplier in regions within Australasia, Europe, North and Latin America.
The Company’s Board of Directors and management strongly support the principles of good corporate governance to create long-term value for shareholders and maintaining the Company’s strong reputation for integrity. This is particularly important given the highly regulated nature of the industry Ainsworth operates within, and is essential for securing new gaming licences and protection of over 275 current licences globally.
With a fully integrated operation, Ainsworth encompasses the entire product development cycles, from conception through to installation, service and support. Innovative game designs and leading technology is consistently at the forefront of development teams to ensure entertainment and player appeal.
The global pandemic has necessitated the introduction of safety precautions in line with professional health recommendations which have been implemented in all Ainsworth offices with the health and safety of employees being a priority.
The loss might have been half-expected after an earlier warning, but investors still took fright at the $15 million loss warning in the trading update from poker machine maker Ainsworth Game Technology yesterday.
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A couple more corporate updates or confessions yesterday. The Shaver Shop narrowed its earnings guidance, but not so upbeat news from pokies maker, Ainsworth.
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Ainsworth Game Technology shares fell 10% yesterday to end at 80 cents, its lowest price since January 2012 after it revealed a slide in earnings for at least the first six months of 2018-19.
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It was probably a co-incidence yesterday, but as Aristocrat (ALL) shares were basking in the glow of a higher dividend and solid rebound in 2015 earnings, its smaller local rival was seeing its shares battered after the surprise retirement of a key executive.
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Shares in gaming machine group, Ainsworth Game Technology (AGI) slid nearly 7% yesterday after it surprised the market with a weak earnings update.
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Following interim results for Ainswortth Game Technology that were in-line with guidance, UBS raises its target price to $1 from $0.72, though retains a Sell rating.
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Macquarie retains an Outperform rating and raises the target to $1.10 from 95c.
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UBS' Sell rating is maintained. Target is increased to $0.35 from $0.30.
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Ainsworth Game appears likely to return to profitability in FY22 and Macquarie notes material operating leverage from improved volumes.
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The broker has reviewed Dec Q performance across 47,000 slot machines in Australia and found Aristocrat Leisure continues to have the most popular titles, with new game performance 1.3x the floor average. Ainsworth Game Technology continues to underperform at 0.8x, while for other competitors the numbers are hit and miss.
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