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.<\/p>\n\n\n\n\n\n\n\n
Australia.- Tabcorp Holdings<\/strong> 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 <\/strong>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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n The company said fiscal year results were heavily impacted by Covid-19-related retail closures in the group\u2019s 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.<\/p>\n\n\n\n Wagering and Media revenues were AU$2.18bn, down 5.1 per cent. Wagering revenues were AU$1.7bn, down 11.7 per cent\u00a0year-on-year<\/a>. 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.<\/p>\n\n\n\n On 1 June 2022, the company implemented the demerger of its former Lotteries and Keno business<\/a>. Tabcorp first announced plans to spin off its lottery and keno divisions in July 2021<\/a> following a strategic review of its operations. <\/p>\n\n\n\n The review examined Tabcorp\u2019s 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.<\/p>\n\n\n\n Adam Rytenskild<\/strong>, 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.”<\/p>\n\n\n\n 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.”<\/p>\n\n\n\n