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Why Ainsworth Game Technology Limited (ASX:AGI) shares are going higher on its profit update

Shares in gaming machine company Ainsworth Game Technology Limited (ASX: AGI) are up 9.7% to $1.13 at the time of writing after the company reported a guidance upgrade yesterday.

Ainsworth has upgraded second half profit before tax from $20 million to $22.8 million, with FY18 profit before tax upgraded from $36 million to $39 million.

The guidance upgrade takes into account the completion of the order to Churchill Downs Incorporated for a total of 900 machines with Kentucky Horse Racing Commission increasing its machines from 600 to 900.

Ainsworth is in need of the boost to investor sentiment after 12 months of declines for its share price, which is down from $2.25 at this time last year.

Tabcorp Holdings Limited (ASX: TAH) is the ASX’s most prominent gambling stock, with Crown Resorts Ltd (ASX: CWN) representing the casino space alongside Star Entertainment Group Ltd (ASX: SGR) and Skycity Entertainment Group Limited (ASX: SKC).

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Crown Resorts Limited. The Motley Fool Australia has recommended Sky City Entertainment Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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