Ainsworth Game Technology Ensures Stability Despite Cyber Incident, Foresees Strong H2 Growth
Ainsworth Game Technology Addresses Cybersecurity Disruption, Projects Robust Half-Yearly Profits
Sydney, 27 November – Ainsworth Game Technology (AGT), a leading supplier of gaming machines in Australia, has announced an ongoing investigation into a recent cybersecurity incident. Despite the disruption to its internal systems, the company reassures stakeholders that the issue will not adversely affect its financial outlook for the second half of 2024.
The incident, detailed in a statement from AGT today, involved disruptions to the company’s business operations. Immediate measures have been taken to mitigate any potential risks, ensuring the continuity of their services. AGT remains confident that this will not materially impact the projected financial results for the latter half of the year.
Continued Growth Anticipated in H2 2024
In light of the cybersecurity challenge, AGT has released its preliminary financial forecast for the second half of the year. The company anticipates a pre-tax profit ranging from AU$8 million to AU$10 million. This projection is supported by a 12% increase in revenue from the first half’s AU$121 million, indicating sustained business momentum.
Despite a reported initial downturn in its digital segment due to reduced contributions from GAN, AGT noted growth across all geographical areas. The termination of its exclusive licensing agreement with GAN, effective 31 March, has not deterred its performance expectations.
However, AGT expects the gross margins for H2 to be lower than those in the first half, potentially impacting profitability. The full year’s margin is estimated at 62%, a decrease from the 67% reported in H1. Yet, the company has successfully maintained overhead costs at levels similar to H1, aligning with its higher revenue forecasts.
AGT’s CEO, Harald Neumann, expressed optimism about the company’s trajectory, anticipating continued revenue growth into 2025. “Our development initiatives are yielding progressive improvements in game performance across our markets,” Neumann commented. He highlighted upcoming game releases and hardware initiatives as key drivers for sustained growth in future periods.
While facing cybersecurity challenges, Ainsworth Game Technology is poised for significant growth and stability in the coming months, driven by strong operational strategies and a focus on innovation.
