Aristocrat Leisure, the Australian pokies manufacturer today announced losses of $157.8 million for the 2009 financial year, indicating that the global financial meltdown has had a dramatic impact on both the Australian and global pokies market.
The loss comes a year after the company recorded record profits the previous year of over $100 million, with the main problem being a decline in revenue which was down 16% to $908 million in 2009.
The messages coming out of the company don’t paint a positive picture for 2010, indicating that any talk of recovery in the Australasian leisure sector is certainly premature.
However, the problems that Aristocrat faced in 2009 were not solely on Australian shores.
According to Jamie Odell, their CEO, Aristocrat “faced challenging trading conditions across all major gaming markets.”
The problems appear to stem from a lack of capital expenditure, particularly in the US market, where new venue openings were way down on what was predicted.
Commenting on the recent results, Jamie Spence an industry analyst states…
“With 2010 likely to be a difficult year it may be time for Aristocrat, it looks like its time the management team proactively reduced costs and overheads in order to streamline the business to match market conditions.”
With over 50 years experience, Aristocrat Leisure employ 2000 staff globally and have produced leading games such as Queen of the Nile, 50 Lions and Dolphin Treasure and are listed on the Australian Stock Exchange.
Source: Online Pokies Club - the number one source for free pokies online.
Tags: aristocrat
This entry was written by admin on Wednesday, February 24th, 2010 at 9:57 pm and is filed under News.
