Ainsworth topples Aristocrat from pokies throne

After a 17 per cent share price jump on Wednesday, Ainsworth put out an announcement reporting an unaudited $23.1 million net profit for the financial year ending June 30, 2011 compared with a $2.7 million loss for the prior year. Excluding the benefit of tax losses, AGI's net profit was $14.6 million. In May, the company upgraded its earnings forecast to a range of $11 million to $13 million.

Aristocrat reported that its profit forecast for the year ending December 31 this year remained intact, although this relies on the Australian dollar remaining at parity with its US counterpart for the current half year.

The company reported a net profit after tax of $24.9 million down from $49.3 million for the prior half year while revenues dropped to $312.7 million from $340.5 million. The company declared a 2.5? unfranked dividend payable on September 30 and also announced a dividend reinvestment plan.