Tabcorp Holdings posts revenue of US$1.64bn for FY22
Fiscal year 2022 results were heavily impacted by Covid-19-related retail closures as well as wet weather leading to a record number of race abandonments.
Australia.- Tabcorp Holdings has shared its financial results for the financial year ended June 30. Revenue from continuing operations was AU$2.37bn (US$1.64bn), down 4.3 per cent year-on-year. The group reported a net loss before income tax and finance costs from continuing operations of AU$75.1m, compared to a profit of AU$766.9m for the previous year.
Group EBITDA was AU$382m, down from AU$487.2m in the previous year. Statutory Net Profit after Tax (NPAT) was AU$6.77bn, compared to AU$269m in FY21, with net debt of AU$20m.
The company said fiscal year results were heavily impacted by Covid-19-related retail closures in the group’s largest markets of New South Wales and Victoria in the first half of the financial year as well as wet weather that led to a record number of race abandonments in the second half of the year.
Wagering and Media revenues were AU$2.18bn, down 5.1 per cent. Wagering revenues were AU$1.7bn, down 11.7 per cent year-on-year. Gaming Services revenues were AU$192.9m, up 5.3 per cent year-on-year. Gaming Services EBITDA was up from FY21 by 6 per cent to AU$75.2m.
On 1 June 2022, the company implemented the demerger of its former Lotteries and Keno business. Tabcorp first announced plans to spin off its lottery and keno divisions in July 2021 following a strategic review of its operations.
The review examined Tabcorp’s structure and ownership options to create more value for shareholders, including a possible sale of its gaming and media businesses. However, the group finally decided to spin off the lottery business.
Adam Rytenskild, Tabcorp managing director and CEO, said: “Following the demerger, we have commenced a multi-year transformation of Tabcorp. We have a clear strategy that is focused on growth and we are working at pace to transform Tabcorp into a more competitive and profitable digital wagering and integrity services business.”
He added: “This is the beginning of a multiyear transformation of Tabcorp into a stronger, more competitive business led by a renewed Board and leadership team.”
After the demerger was approved, the company went through a series of board changes including the retirement of David Attenborough as Tabcorp MD & CEO after 11 years. He was replaced by Adam Rytenskild on June 1.
Bruce Akhurst was appointed the new Tabcorp chairman. Meanwhile, Harry Boon and Anne Brennan left the Tabcorp Board to assume positions as non-executive directors of The Lottery Corporation.
