Revenue and margins were slightly down compared to budget, but turnover was slightly better than in August.
New Zealand.- TAB NZ has shared its financial results for September. It posted turnover of NZ$212.7m, 2.0 per cent (NZ$4.4m) below budget. Gross betting revenue (GBR) was NZ$33.6m, down on budget by 3.4 per cent (NZ$1.2m). Gross betting margin (GBM) was 15.8 per cent, 0.2 percentage points below budget.
The three highest-grossing sporting events in September were the three all-black tests against Australia and Argentina, with a combined NZ$3.4m. Tennis was the leading in-play sporting code, accounting for 26 per cent of pre-game revenue, while Rugby Union and Rugby Union were the top pre-match singles sporting codes, accounting for 30 per cent and 24 per cent of pre-game sales, respectively.
TAB NZ said: “Turnover was slightly down against budget in September, as was GBR and GBM, but overall, the performance showed signs of improvement compared to August.
“While the easing of mask restrictions had a positive impact on retail traffic, other factors – including the continuing soft economic conditions, abandoned race meetings, and another month of a drop in starters across all three racing codes – contributed to the above results.”
Operating expenses for the month hit NZ$10.5m, above budget by NZ$0.1m due to restructuring costs and investments in customer retention and acquisition. Profit was NZ$1.2m below budget at NZ$11.3m.