Company profits for the first nine months of 2020 reached\u00a0US$19.46m, US$4.9m above budget.<\/p>\n\n\n\n\n\n\n\n
New\u00a0Zealand.-\u00a0Lottery provider TAB NZ has reported a strong recovery in all of its business segments for September.\u00a0<\/p>\n\n\n\n
In a trading update, the New Zealand company\u00a0said results were \u201cahead of budget and ahead of last year.\u00a0\u00a0<\/p>\n\n\n\n
It said: “The business reported strong performance for the month across all products, with sport, international racing, and domestic racing all well ahead of budget.\u201d\u00a0<\/p>\n\n\n\n
The company recorded\u00a0year-on-year growth of 21 per cent in domestic racing turnover. The international racing segment grew by 11 per cent. \u00a0\u00a0<\/p>\n\n\n\n
Sports turnover increased by 7 per cent year-on-year aided by the\u00a0Rugby World Cup. <\/p>\n\n\n\n
The company said:\u00a0“We continue to benefit from the currently condensed nature of the sports calendar with a number of competitions taking place outside their traditional cycle. In particular, the NBA playoffs and the NRL regular season stretching into September, resulted in significantly improved turnover.\u201d\u00a0\u00a0<\/p>\n\n\n\n
TAB NZ\u2019s net profit in September amounted to AU$14.9m (US$10.4m),\u00a0which was AU$5.2m (US$3.6m) above the firm\u2019s\u00a0budget for that period.\u00a0\u00a0<\/p>\n\n\n\n
This comprised AU$13.4m (US$9.4m) in betting profits,\u00a0AU$2m (US$1.4m) in gaming profits and -AU$0.5m (-US$351,370) in Racing Integrity RIU.\u00a0<\/p>\n\n\n\n
Profits for the first nine months reached AU$27.7m (US$19.46m),\u00a0AU$7m (US$4.9m) above budget and AU$6.9m (US$4.8m) above last year.\u00a0<\/p>\n\n\n\n