The Aristocrat Leisure Limited (ASX: ALL) share price has continued its miraculous run today.
Shares in the gaming technology giant soared to a new record high today after hitting a high of $49.02.
In the past month alone, shares in Aristocrat have hit 10 new record highs.
Let’s take a look at what’s been fuelling the Aristocrat share price.
What’s propelling the Aristocrat share price?
Shares in Aristocrat have managed to shrug off COVID-19 induced lockdowns and restrictions.
Although its traditional gaming machines have struggled, the gaming giant has maintained growth through its digital gaming business.
Aristocrat’s strong performance during turbulent times was somewhat at odds with it’s recent half-year report for FY21.
For the 6 months ending 31 March 2021, the company saw its operating revenues fall 1% to $2.23 billion.
Gross profit for the half-year also decreased 3.5% to $1.13 billion.
However, Aristocrat buoyed its report by reporting an 18.4% increase in net profit after tax (NPAT) of $362.2 million.
As noted, Aristocrat cited substantial growth in its digital segment for the increase in profits.
For the first half, 54% of group revenue was generated from the company’s digital gaming business.
In addition, the company highlighted that it ranks in the top 5 mobile game players across Tier 1 western markets.
The company did not provide guidance for the full-year, however Aristocrat’s management plans to enhance its market-leading position in casino gaming operations. In addition, the gaming giant plans to drive further growth in its digital games business.
More on the Aristocrat share price
Since the start of the year, shares in Aristocrat have soared more than 50%.
By comparison, the S&P/ASX 200 Index (ASX: XJO) has only managed to claw 12% higher in 2021.
The gaming giant expects further investment and growth in its digital bookings.
Aristocrat’s user acquisition investment is expected to be above the historic range of 25% and 28% of overall digital revenues.
The company’s growth outlook has also been supported by numerous brokers and analysts.
Recently, leading broker Citi released a bullish outlook on the company, initiating a buy rating of a $46 share price target.
Analysts noted that Aristocrat’s digital business and traditional gaming segments are pulling together.
At the time of writing, shares in Aristocrat are currently up more than 3% for the day at a record high of $48.26.