Tabcorp announces 2016 half year results

Australia betting giant Tabcorp has reported net profit after tax of $81.9 million for the half year ended Dec. 31, 2015, down 33.1 percent from the same period 2014, according to a recent filing to the Australian Stock Exchange.

The wagering behemoth announced earnings per share (EPS) of 9.9c per share, down 38.1 percent, and results were impacted by significant items after tax of $15.6 million in 1H16, compared to a one-off tax benefit of $31.5 million in the prior period.

TAB Racing revenues were at $895.2 million, up 2 percent, with fixed odds driving growth at $256.8 million, up 19.6 percent. There was a decline of totalizator revenues, which were at $638.5 million, down 3.7 percent.

Throughout the period, ACTTAB was successfully integrated, Victorian thoroughbred media rights were secured for another five years, and Sun Bets, will be launched with News UK in Y16Q4.

Media revenues were down 0.6 percent, at $85.8 million.

Revenues from the group’s gaming services business, TGS, were up 4.3 percent to $52.9 million and there are now 9,550 gaming machines contracted, Tabcorp adds.

“We made good progress against our strategy in the half, executing a number of initiatives that position the business for further growth,” said Tabcorp Managing Director and CEO, David Attenborough. “Our Wagering and Media business reported increased revenues from racing, which remains the core of our business. This was despite increased competition. We have continued to invest in growth initiatives by delivering new products such as Partial Cash Out, channel enhancements and the expansion of international vision and pooling”.


Related Articles

Tabcorp EBITDA hit from power outage less than $10 million

Tabcorp said a power outage that took out its systems over the weekend caused it to lose wagering turnover over the weekend, but the hit to EBITDA will be less than $10 million. It says its systems have now largely been restored. 
Australia tabcorp

Tabcorp digital turnover grows, though group posts loss

Tabcorp digital turnover outstripped retail turnover for the first time in a full year after Covid-19 forced the closure of its outlets and tipped the group to an $870 million ($631.8 million) loss.

Tabcorp secures debt waivers as part of Covid-19 response

Australian wagering giant Tabcorp announced it has secured agreement from its bank lenders for a waiver of leverage and interest cover covenants in response to the financial impact of the Covid-19 pandemic.  The waiver is related to its Syndicated Facility Agreement, representing facilities of A$2.2 billion (US$1.6 billion), according to a company filing. As of […]

Tabcorp lottery segment drives FY20H1 revenue

Australian wagering giant Tabcorp announced a 4.4 percent increase in group revenue for the first half of the 2020 financial year, driven by performance in its lotteries business.  The company said that it registered more than 300,000 new customers in the past six months – translating to strong growth in both digital and retail lotteries […]