New South Wales gaming supplier Ainsworth Game Technology has continued to make breakthroughs towards its goal of increasing share across key markets after further restructuring strategies have been unveiled.
Last month, the company brought back Danny Gladstone as the new chairman of the board, taking over from the former incumbent Graeme Campbell who will step down to take on the role of leading independent director after the company’s annual general meeting in November.
The promotion came months after Gladstone stepped down to succeed Lawrence Levy as chief executive of Ainsworth.
The business has disclosed in its latest move that Chief Technology Officer Kieran Power has resigned from his post while Ainsworth continues to update its R&D plan as previously announced.
The product development sector is being restructured as the Australian business aims to build and deliver new products across a number of markets.
Levy commented: “On behalf of the board we thank Kieran for his valuable contribution to Ainsworth and we wish him well for the future.
“We have a number of projects in the pipeline which we expect will assist in regaining market share domestically, and create further opportunities internationally.”
The restructuring follows fraud in the full-year results of Ainsworth published earlier this year, in which the company announced a number of declines.
In addition to a 12% drop in revenue from AU$265.6 m to AU$234.3 m, income after tax fell to AU$10.9 m (2018: AU$31.9 m) by 66% year-on-year.
At the time Levy stated:
“While the FY19 results are relatively weak, AGT is capable of delivering improved performance. We have a professional and motivated workforce, an excellent industry reputation and a well-established footprint across all our markets.
“We have initiated a review to re-evaluate and focus our R&D investments to develop successful new innovative products to drive long-term growth.”