Steve Morro steps down as Aristocrat Non-Executive Director

Australia ASX-listed gambling technology group Aristocrat Leisure has confirmed that its Non-Executive Director Steve Morro will be stepping down from the company.

The news was confirmed in the company’s 2019 annual report for the financial year ended 30 September 2019, where the technology group praised a ‘strong performance over the 2019 fiscal year.’

In a joint statement issued by Aristocrat Chairman Neil Chatfield, and the company’s CEO and MD Trevor Croker, they celebrated Morro’s contribution towards the growth of Aristrocrat.

They said: “After more than a decade of service, Mr Steve Morro has confirmed his intention to retire as a Director of Aristocrat at the conclusion of the forthcoming AGM. Steve has made an outstanding contribution to both the Board and the business, including through its turnaround years and subsequent growth.

“Steve has brought deep US market and global gaming industry expertise to the Board’s deliberations, which we value greatly. We are particularly pleased therefore that Steve has agreed to continue his long association with Aristocrat post his retirement, as a consultant to management.

“As a consequence of Steve’s retirement, Mr Pat Ramsay will assume the role of lead US director, and the Board is prioritising its US based director recruitment.”

Posting its full year annual report, Aristocrat reported a 20.2% increase in EBITDA from AU $1,328.6m up to AU$1,596.8m, meanwhile revenues were also boosted from AU$3,509.5m in 2018 to AU$4,397.4.

The statement continued: “We’re pleased to report that Aristocrat delivered strong performance over the 2019 fiscal year, further extending the business’ trajectory of consistent and high-quality growth with a record profit of $894.4m1.

“Group revenue increased almost 23% and 15% in reported terms and in constant currency respectively, to a fresh all-time high of $4.4 billion. This performance was driven by continued strong operational momentum across both land based and digital businesses.

“Aristocrat’s key Americas, ANZ and digital operations all grew, off the back of increased and targeted investment in competitive product portfolios, particularly in terms of design and development (D&D) and digital marketing (user acquisition).

“In 2020, the business is expecting to be able to include more information on energy, and diversity and inclusion, in line with our progress and shareholders’ interest in these important issues.”