Aristocrat reports rise in first half profits

Sydney-based Aristocrat revealed that earnings before interest and tax for the six-month cycle rose by 29.3 percent year-on-year to us$ 51.4 million while its net profit after tax for the half improved by 39.4 percent when compared with the same period in 2011 to  us$ 35.5 million.

Aristocrat stated that the boost in half-year net profits was ‘above the top end of guidance provided to the market’ in July and that it expects, based on ‘current insights’, to report a full-year profit in the range of us$ 87 million to us$ 92 million, which would represent growth of approximately 60 percent compared with the prior corresponding period.

All of this saw the Australian firm report a 23.8 percent year-on-year reduction in net debt to us$ 228.5 million while its operating cashflow improved by 94.7 percent when compared with the initial six months of 2011 to us$ 29.8 million.

“Aristocrat’s results for the first half of 2012 show that our turnaround is well established and we are delivering to plan,” said Jamie Odell, CEO and Managing Director for Aristocrat. “Sustained top-line growth is flowing from the investments we’ve been making in the quality and competitiveness of our product portfolio. At the same time, we have been driving efficiency, improving culture and ramping up our skills and capability in critical areas.

“Our results for the first half of 2012 add to the momentum we have built over the past three reporting periods and demonstrate that we are listening to customers, transforming the competitiveness of our products, targeting the right markets and segments and, above all, executing well in line with our strategy,” Odell concluded.