Tabcorp revenue down 5% for H1

Tabcorp revenue down 5% for H1

Tabcorp’s revenue was AU$1.21bn ($792.79m).

Australia.- Tabcorp has shared its financial results for the first half of the financial year 2024, reporting AU$1.21bn ($792.79m in revenue. The figure was down 5 per cent year-on-year.

The company reported a group statutory net loss after tax of AU$636.8m ($417.2m), including a non-cash impairment charge of AU$731.9m after tax. Group earnings before interest, tax, depreciation, and amortisation (EBITDA) was AU$170m, down 14 per cent. 

Wagering and media revenues were AU$1.11bn (US$727.49m), down 4 per cent. EBITDA was down 13 per cent to AU$134m ($87.79m). TAB’s digital performance improved over the last half year. Digital revenue market share also increased from 23.9 per cent to 24.4 per cent.

Tabcorp Managing Director and CEO Adam Rytenskild said: “We continue to focus on the three pillars of our strategy. Invest in customer and competitiveness to Win back the Australian market, Level the Playing Field for fees, taxes and regulation and reshape our cost base for efficiency and growth. 

“Total market share and digital market share grew compared to the prior half. This is another positive step having stopped the decline. We are seeing positive signs from targeted investment in product, brand, data, technology and retail as we start to leverage the strength of an extensive integrated wagering and media network throughout the country. 

“We have become a more digital business, underpinned by recent investments in AI, data and new technology platforms. Combined with our TAB brand embedded in over 4,000 venues, we see a significant omni-channel opportunity that we are yet to capitalise on. 

“The new Victorian Licence is a game changer for TAB and will generate an immediate stepchange in earnings in Victoria from August. Had the licence been in place during FY23 EBITDA would have been AU$140m higher on a pro forma basis. 

“Customer care remains central to our business and our partnership with Mindway AI assists us identify and help customers at risk of gambling harm faster. We await the outcome of the Federal Government’s Online Gambling Enquiry and anticipate a reduction of gambling advertising when families and children watch television. We support this. 

“Integrity Services is a terrific business and its growth demonstrates its high quality and stable earnings. 

“Today’s results are solid given market conditions, but more importantly demonstrate that the Company is on track to significantly improve performance over time. The Australian wagering market is healthy, we’re confident it will return to growth and Tabcorp’s position in it will be much stronger when it does.”

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