At the annual general meeting of Aristocrat, Croker revealed the company would create a third operational business that will oversee the online RMG space. It will be a part of the Slot machine business Aristocrat Gaming and the social gaming꽁머니company Pixel United.
This third company will be helmed by Aristocrat Gaming CEO Mitchell Bowen, who will be supported by a team of leaders comprised of external and internal appointments. After Bowen’s departure, Hector Fernandez was appointed Aristocrat Gaming’s new chief executive officer.
The move is part of Aristocrat’s build and purchase strategy, which will have Aristocrat put a lot of money into the development of their platform for real money while seeking out the required acquisitions to accelerate the process.
The company had previously attempted to venture into the online market when it decided to buy the tech giant Playtech in the year. In the last week, Croker said that the company was determined to pursue growth opportunities after the deal’s fallout.
Croker stated: “Achieving a scaled position in the online RMG will require a long-term endeavor. It will require sustained investment over several years. However, our experience shows that Aristocrat can expand companies. We’ll employ a similar mixture of successful inorganic and organic investment and operational and financial rigor in this endeavor under Mitchell’s direction and aligned with the interests of shareholders.
“We are able to clearly differentiate ourselves through our product portfolio that is incredibly strong as well as our strong 꽁머니regulator and customer relations, complete financial flexibility and strategic rigor. We are thrilled to be working quickly to implement our strategies, and launching investments in our current business. We will give more details about our plan and top goals at the time of our half-year results , which will be announced in May.”
Aristocrat reported revenues that were $4.70bn (PS3.50bn/EUR4.19bn) in the financial year that ended on September 30, 2021. This represents an increase of 14% from the prior year. Earnings before taxation, interest depreciation, amortization, and interest (EBITDA) totaled $1.50bn, up 43%.
The profit after tax totaled $865.0m, which is an increase of 81% from the previous year and only 33% lower than the total in 2019 before the outbreak of Covid-19.
Gaming revenues from the Americas rose by 46%, and the profit was $729.0m.
Aristocrat chair Neil Chatfield added: “Throughout the year, Aristocrat continued to execute our long-standing growth strategy and focused on delivering superior operational results through exceptional products, people, and capabilities.
“We also continued to invest for future growth in our two globally operating business units – Aristocrat Gaming and Pixel United – while further enhancing earnings diversity and sustaining our performance momentum.”