The company says retail operations are still being hit by the pandemic, especially in Victoria.\u00a0\u00a0<\/p>\n\n\n\n\n\n\n\n
Australia.-\u00a0Lottery services provider Tabcorp has announced that unaudited financial results for the first quarter of its 2021 financial year show revenue down by 5.7 per cent year-on-year.\u00a0\u00a0<\/p>\n\n\n\n
From July to September, lotteries and Keno revenues fell 6.9 per cent in relation to the same period in 2019. The firm said the decline in lottery revenue was due to strong jackpot sequences last year.<\/p>\n\n\n\n
Gaming services revenues were down by 55.2 per cent, mainly due to the closure of venues in Victoria due to the Covid-19 pandemic.<\/p>\n\n\n\n
Tabcorp saw a 2.9 per cent rise in wagering and media revenues despite the decline in retail operations. It said wagering revenues saw a 47 per cent rise \u201cin a highly competitive market\u201d due to the completion of suspended sports seasons and tournaments.\u00a0\u00a0<\/p>\n\n\n\n
Tabcorp recorded net losses of AU$870m (US$613m) for full-year 2020. Net profit after tax and before significant items was AU$271m (US$191m).<\/p>\n\n\n\n
Tabcorp admitted the pandemic had \u201cmaterially impacted” financial results for 2020. Revenue was down 4.8 per cent, to AU$5.2bn (US$3.66bn), and\u00a0EBITDA before significant items was also 11.5 per cent below the previous period.\u00a0\u00a0<\/p>\n\n\n\n
Lotteries and Keno accounted for more than half of the Australian group\u2019s revenues and almost 75 per cent of EBIT.\u00a0In this sector, EBITDA was up 5.7 per cent in full-year 2020 to AU$542m (US$382m).\u00a0<\/p>\n\n\n\n
Wagering and media business EBITDA\u00a0was AU$371m (US$261m),\u00a0which is 19.5 per cent below the previous year. The company specified that there was partial growth on the online channels while the retail business was hit by the health measures.\u00a0\u00a0<\/p>\n\n\n\n
The mandatory closure of hotels and clubs took a toll on Tabcorp\u2019s gaming services unit. It reported EBITDA of AU$84m (US$59m), 42.5 per cent below the prior 12-month\u00a0period.\u00a0\u00a0<\/p>\n\n\n\n
Addressing shareholders, chairman\u00a0Paula Dwyer said the\u00a0group had moved quickly to mitigate the immediate fiscal impact and strengthen its position during the pandemic. <\/p>\n\n\n\n
Actions included securing financial liquidity, reducing non-essential operating and capital expenditure, and negotiating amendments to commercial arrangements when possible.\u00a0<\/p>\n\n\n\n
She added: “Other early actions were the temporary standing down of employees where shutdowns meant no work and a reduction in CEO remuneration and chairman and non-executive director fees from April to June 2020.\u201d\u00a0<\/p>\n\n\n\n