The company’s merger with Tatts saw its first-half profit rising to €114.8 million and revenue doubling to €1.75 billion.
Australia.- The €7.34 billion merger between Tatts Group and Tabcorp was completed back in December 2017 and it continues to impact on the latter’s finances. During the first half of the fiscal year, the company posted a €114.8 million profit and revenue of €1.75 billion, more than double that of the previous year.
On the six months to December 31, the merger had a huge impact in the year-on-year comparison as the companies merged only 18 days before it ended. Furthermore, large costs related to the whole process dragged down Tabcorp’s figures as well.
According to the Australian gaming giant, it has delivered €15.1 million of earnings from synergies and business improvements, and had its full-year target raised to €34.6 million from the previous €31.4 million.
“Tabcorp delivered a strong financial result in 1H19 on the back of the diversification benefits from the combination with Tatts,” managing director and chief executive David Attenborough said and added: “We have created a sustainable and diversified gambling entertainment company, with the scale to invest and grow.”