By Annette Shailer
Gaming giant Aristocrat Leisure Limited has returned to profit after announcing its half-year results for the period ending June 30, 2010 yesterday (Aug 24).
Aristocrat posted a net profit of $49.3 million in the six months to June 30, a turnaround from a loss of $33.4 million in the same period the year before.
Despite the encouraging result Aristocrat CEO and MD, Jamie Odell, said that it was unlikely key markets will recover until 2011-12.
“As we anticipated, conditions across most markets during the first half of 2010 have been very difficult and have impacted our operational performance. While we don’t expect conditions to improve in the second half of this year, we anticipate performance to be weighted to the second half,” he said.
“One year into our three-five year turnaround journey, the Aristocrat team is more singular focused on the job ahead than ever before. We have clear plans, the capability to deliver and a determination to make good on our commitments.”
Aristocrat also announced that Ian Blackburne would replace David Simpson as chairman from December 1.
Blackburne is the chairman of CSR Ltd and a former MD of Caltex Australia.
Another board member, Bill Baker, will retire in January after 12 years of service.