Slot manufacturer AGT suffers in pandemic

Home » Slot manufacturer AGT suffers in pandemic

Australian slot manufacturer Ainsworth Game Technology is expecting a Covid-19 impacted annual loss of A$34m (€20.6m).



CEO Lawrence Levy reported: “While Covid-19 hit our industry hard, we moved quickly to protect AGT. We took proactive measure to streamlining our overheads and we are securing more flexible financing arrangements to ensure that we can endure a protracted downturn. AGT is now well positioned as customers across our major markets look to recover from the effects of the pandemic.”

The Novomatic subsidiary reported that executive-level employees took a voluntary 20 per cent reduction in base salaries for the quarter that ended in June and that had now been extended to the third quarter of the year.

The company reported that there were a number of one-off costs that impacted the year, including a non-cash impairment charge relating to Latin America and costs relating to the pandemic.

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The company expected revenues in the current year of A$149m (€90.4m), a fall of 36 per cent, but there were positive adjustment earnings in the reporting period. The second half of the year was the damaging period for the company, with a 63 per cent fall to A$42m (€25.4m) compared to A$116m(€70.3m) in the same period the year before.

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