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Tabcorp Records Increasing Revenue In First Half of Fiscal Year

Posted on February 22, 2023 | 8:50 am

Tabcorp Holdings, the well-known Australian lottery and betting operator, has announced that it recorded a healthy revenue increase during the first half of the 2023 fiscal year.

The company reported an increase of 11 percent in group-wide revenue to 1.28 billion Australian dollars during the six months ending at 31 December 2022. The company’s revenue was boosted by the return of retail customers after the novel coronavirus pandemic, along with Tabcorp’s increased focus on digital wagering.

Tabcorp also reported an increase of 24 percent in adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to 197 million Australian dollars. That takes the company’s net profit to 52 million Australian dollars for the first half of the fiscal year.

This is an important moment for the company as it is the first time it publishes financial results since demerging from its lottery business, which is now listed separately on the Australian Securities Exchange as The Lottery Corporation.

The company’s Wagering and Media division, which includes the TAB and SKY Racing brands, recorded a revenue increase of 9 percent to 1.17 billion Australian dollars. The Gaming Services division, which includes EGM monitoring and management, recorded an even more impressive revenue increase of 37 percent to 109 million Australian dollars, while EBITDA more than doubled, amounting to 43 million Australian dollars.

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Transformation Strategy On Track

Speaking about the company’s results during the first quarter of the 2023 fiscal year, Adam Rytenskild, Chief Executive Officer and Managing Director of Tabcorp, said that the business was “on track” with its transformation strategy since the demerger of the lotteries. Tabcorp has also announced an interim dividend of 1.3 cents per share, payable to shareholders on 21 March 2023.

“Our business has rebounded strongly from a COVID impacted first half last year to experience strong growth in Group revenue and EBITDA,” Adam Rytenskild added. “The COVID lockdowns presented an opportunity for digital only operators, but our retail customers have quickly returned and our digital transformation is amplifying that opportunity.”

Last year Tabcorp also managed to further streamline the business and generate some cash by selling its eBet business for a total of 62 million Australian dollars. eBet, a loyalty and tracking systems business designed for gaming venues, was acquired by Venue Digital Technology Pty Ltd, a corporation that is led by Frank Makryllos, a former Tabcorp executive.

SOURCE“Tabcorp sees revenues grow 11% to US$884 million in 1H23“Inside Asian Gaming. February 21, 2023.

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