Australian wagering group Tabcorp Holdings reported a 26.5 percent increase in statutory net profit to AU$46.3 million ($33.2 million) for the financial year ended June 30th, despite limited growth in wagering activity.
According to results released Wednesday, group revenue increased 0.8 percent to AU$2.64 billion ($1.90 billion), while EBITDA before significant items rose 10.3 percent to AU$431.7 million ($310 million).
Net profit before significant items increased 43.6 percent to AU$71.1 million ($51 million).
The company attributed the earnings improvement to cost discipline, benefits from its reformed Victorian Wagering and Betting License and the first phase of a new retail commercial model.
Underlying operating expenses declined 0.8 percent on a comparable basis, helping lift Tabcorp’s EBITDA margin by 140 basis points to 16.4 percent.
“Midway through our turnaround journey, we’re executing on the plan, continuing to exercise cost and capital discipline and the company is delivering earnings growth,” Managing Director and CEO Gillon McLachlan said.
Tabcorp’s Wagering and Media division recorded a 0.7 percent increase in revenue to AU$2.45 billion ($1.76 billion), while segment EBITDA grew 9.9 percent to AU$361.8 million ($260 million).
Domestic wagering turnover rose 0.9 percent, with an 8.3 percent increase in sports betting offsetting a 1.1 percent decline in racing turnover. Digital domestic wagering revenue edged up 0.3 percent, while cash wagering revenue increased 1.6 percent.
International wagering revenue fell 3.7 percent to AU$223.7 million ($160.5 million), primarily due to softer trading in Hong Kong during the second half of the financial year.
Media revenue increased 1.9 percent to AU$377.8 million ($271 million), supported by international content exports.
For FY27, Tabcorp expects domestic wagering turnover growth to remain broadly consistent with FY26, excluding the impact of the FIFA World Cup. Operating expenses are expected to rise between 3 percent and 3.5 percent, while capital expenditure could reach AU$160 million ($115 million).
