TAB NZ’s June results were slightly down on the overall positive trend of the 2021/22 financial year.
New Zealand.- TAB NZ has shared its financial results for June, reporting a turnover of NZ$197.3m (US$124.9m), 3.9 per cent under budget. Gross betting revenue (GBR) was NZ$31.6m, NZ$1m below budget.
Profit for the month was NZ$11m, NZ1.7m below budget. On a year-to-date basis, total profit reached NZ$146.1m, NZ$3.4m below budget and NZ$17m below last year.
The top sporting event by turnover in June was the Super Rugby Pacific final between the Crusaders and Blues at NZ$1.36m. Tennis accounted for 24 per cent of in-play turnover, while Rugby League accounted for 32 per cent of pre-match turnover.
The company stated that while retail and hospitality was able to operate without capacity restrictions, “softening economic conditions also played a factor as customers adjusted to the rising cost of living.”
It added: “There has also been a drop in starter numbers and/or across the three racing codes through April, May & June that has contributed to the variance in turnover.”
As for the future, TAB NZ said: “The Board will continue to factor in potential developments in New Zealand’s response to Covid-19 and the current global financial climate, as to how trading conditions are affected and how this may or may not affect profit distributions.”