Tab NZ has reported that its August turnover was 6 per cent below budget.
New Zealand.- TAB NZ has reported a 6 per cent shortfall in turnover for August. Revenue came in at NZ$31.5m (US$18.1m). Profit for the month was NZ$10.4m, NZ$1.4m below budget. In July, TAB NZ reported a profit of NZ$8.7m, NZ$5.2m below budget.
The most popular event in August was the rugby match between New Zealand and Argentina on August 27, which drew NZ$978,000 in bets. For racing, the Waikato Stud Foxbridge Plate at Te Rapa on the same day attracted NZ$500,000 in wagers.
The company said a range of ongoing factors impacted its financial results, including weak economic conditions impacting customers’ discretionary spending, Covid-19-related mask restrictions in retail stores preventing some customers from visiting and cancelled racing events due to bad weather.
Operating expenses for the month hit NZ$10.5m, slightly above budget by NZ$300,000 due to restructuring costs and investments in customer retention and acquisition. In terms of allocation, Tab NZ paid Racing Codes NZ$12.4m this month, slightly more than its original budget of NZ$12.3m.