Revenue for the six months to 31 December 2020 is expected to come in around AU$72m. While this would represent a 71% improvement on the second half of its 2020 fiscal year – when operations were disrupted by the novel coronavirus (Covid-19) pandemic – it also represents a 33% year-on-year decline.

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Over the reporting period Ainsworth saw its North American performance improve, with revenue from the region totalling AU$41m in H1, compared to AU$21m in the previous six month period. This again remained down year-on-year, however, with the supplier generating in AU$51m in H1 2020.

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This was driven by improved revenue from leasing and rental of its machines, which grew 10% from the prior fiscal year, while its historical horse racing (HHR) products made a positive contribution.

Australian revenue, meanwhile, more than doubled to AU$19m, thanks to a strong performance from newly launched products.

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However, Latin America continued to be adversely affected by high novel coronavirus (Covid-19) transmission rates, leading to more venue closures and restrictions.

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“Given the uncertainties and deferrals of purchasing decisions caused by the pandemic within this region, further reductions in revenues are expected in the short term before a return to pre-pandemic activity levels, impacting timing of expected cash flows,” Ainsworth said.

As a result it expects to make a material non-cash impairment charge on its business in the region.

While the improvement in US and Australian revenue is expected to help underlying earnings before interest, tax, depreciation and amortisation reach $6m – excluding currency translations and one-off items – the business is set to post a loss for the period.

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Ainsworth’s first half pre-tax loss is expected to come to approximately $14m, though this excludes a currency translation loss of $14m, due to the strengthening of the Australian Dollar against the US Dollar.

The unaudited result remains subject to further review before it is finalised, with a full breakdown of first half performance expected to be released on 25 February. Audited results will then follow in March