Tabcorp\u2019s revenue was AU$1.21bn ($792.79m).<\/p>\n\n\n\n\n\n\n\n
Australia.-\u00a0Tabcorp\u00a0has 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\u00a0year-on-year<\/a>.<\/p>\n\n\n\n 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.\u00a0<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Tabcorp Managing Director and CEO Adam Rytenskild<\/strong> said: \u201cWe 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. <\/p>\n\n\n\n \u201cTotal 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. <\/p>\n\n\n\n \u201cWe have become a more digital business, underpinned by recent investments in AI, data and new technology platforms<\/strong>. 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. <\/p>\n\n\n\n \u201cThe 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. <\/p>\n\n\n\n \u201cCustomer 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\u2019s Online Gambling Enquiry<\/a> and anticipate a reduction of gambling advertising<\/a> when families and children watch television. We support this. <\/p>\n\n\n\n \u201cIntegrity Services is a terrific business and its growth demonstrates its high quality and stable earnings. <\/p>\n\n\n\n \u201cToday\u2019s 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\u2019re confident it will return to growth and Tabcorp\u2019s position in it will be much stronger when it does.”<\/p>\n","protected":false},"excerpt":{"rendered":" Tabcorp\u2019s revenue was AU$1.21bn ($792.79m).<\/p>\n","protected":false},"author":176,"featured_media":17276,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Tabcorp reported AU$1.21bn in H1 FY24 revenue, a 5% year-on-year decline, alongside a statutory net loss after tax of AU$636.8m due to a significant non-cash impairment. Despite financial headwinds, the company demonstrated digital market share growth and outlined strategic pillars focused on customer investment, regulatory leveling, and cost efficiency, anticipating a significant earnings uplift from the new Victorian Licence.","focusai_entities":"Tabcorp, Adam Rytenskild, Mindway AI","focusai_location":"Australia, Victoria","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.88), operator_casino (0.92), product_ux (0.75), tech_data (0.8), marketing_crm (0.78), investor_analyst (0.98), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Victorian Licence Impact?","query":"What specific operational and financial adjustments is Tabcorp implementing to fully capitalize on the AU$140m pro forma EBITDA uplift from the new Victorian Licence, and what are the associated execution risks?"},{"label":"Digital Strategy ROI?","query":"Given the continued investment in AI, data, and new technology platforms, what is the projected return on investment for Tabcorp's digital transformation initiatives, and how will this translate into sustained digital market share growth and NGR?"}],"footnotes":""},"categories":[16336,163],"tags":[13716],"class_list":["post-777013367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","tag-tabcorp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777013367"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013367\/revisions"}],"predecessor-version":[{"id":777013393,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013367\/revisions\/777013393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17276"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777013367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777013367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777013367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}