Aristocrat Leisure Limited, the second largest global gaming machine manufacturer after IGT, yesterday announced its 2009 operating result in a Trading Update. The final results for the year will be released on 23 February but the announcement was sufficient to create a rally in Aristocrat shares as the company expects to exceed market consensus estimates for operating profit.

The Company’s operating profit (pre abnormal items) after tax and minority interest is expected to be approximately A$116 million for the year ended 31 December 2009. Aristocrat also confirms it will recognise an abnormal provision of A$187.3 million (after tax) in its 2009 financial accounts relating to the expected damages liability2 associated with a U.S. Convertible Bonds matter. The decision to recognise an abnormal provision does not in any way pre suppose the US District Court's final pending judgement on damages or any Company decision to appeal some or all aspects of the case.

Aristocrat says it will post a loss for the year ended 31 December 2009 but its operating profit is expected to be A$116 million, beating market predictions by around 17%. The company also said that total abnormals for the year will include the impairment of multi terminal gaming businesses, intellectual property litigation settlement, property sales and restructuring costs. The results remain subject to completion of year end procedures including the completion of the audit and Board approval. (E-02.02.10)

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