Tabcorp FY revenue up 8.7 percent on lottery/keno

Tabcorp
Tabcorp

Tabcorp posted an 8.7 percent increase in revenue in the first full year after combining with Tatts Group, with a strong contribution from its lottery and keno division.

Revenue was $5.4 billion, while net profit after tax from continuing operations gained 42.5 percent to $397.6 million. Statutory NPAT was $362.5 million versus $28.7 million the prior year.

“Tabcorp delivered a strong group result in the first full year of the combined Tabcorp and Tatts business, reflecting the compelling logic of the combination and the benefits of diversification and scale,” Tabcorp Managing Director and CEO, David Attenborough said. “The record performance of the Lotteries & Keno business was the highlight.”

Attenborough said the new Powerball game reinvigorated the Australian lottery market, delivering bigger jackpots more often. This helped drive an increase of 600,000 active registered players and had positive revenue impacts on other lottery games.

Lottery and Keno was up 22.8 percent at $2.86 billion.

In Wagering and media, revenue declined 3.6 percent to $2.3 billion.