Tabcorp revenue declines in 18H1

Tabcorp’s financial report shows that the company’s revenue has fallen 50 per cent.

Australia.- During the first half of 2018 fiscal year, Tabcorp’s net profit has fallen 50 per cent, as revealed by the Australian gaming company. According to the financial report published by the company this week, its NPAT and EPS “were adversely impacted by significant items after tax of US$44.9 million, which comprised of Tatts Group acquisition related costs, Sun Bets onerous contract provision, Sun Bets impairment, Luxbet closure costs, loss on Odyssey divestment, all of which was partially offset by the net gain on the Tatts cash-settled equity swap.”

“18H1 was an important half for Tabcorp as we completed the combination with Tatts Group, bringing together two highly complementary businesses. The combination positions us well to invest, innovate and compete in a rapidly evolving environment,” said Tabcorp managing director and CEO, David Attenborough.

And added: “The 18H1 financial result reflects a period of reshaping the Tabcorp business for sustainable growth. This includes implementing the combination with Tatts, exiting Luxbet and Odyssey Gaming Services, and our ongoing investments in areas such as our digital capability, customer acquisition and the risk management and compliance framework.”

However, Tabcorp’s revenues achieved US$1.4 billion in the interim period, up 18.7 per cent year-on-year. Furthermore, TAB business report 3.1 per cent turnover growth driven by an uplift in digital turnover and strong customer acquisition.