The Australian company reported a double digit decrease during fiscal H1.
Australia.- Tatts Group, the Australian betting and lottery operator, announced that its profit during H1 experienced a double digit fall. The company believes that large lottery jackpots along with competitive Australian wagering market are the reasons why they experienced a drop.
The company went through a series of monster jackpots in 2016, and reported a 16.5 percent fall in first half net profit. Half-year statutory after tax profits, delivered a US$122.8 million result which includes US$10.4 million in merger costs. Robbie Cook, Chief Executive of Tatts, said that the merger with Tabcorp also influenced the bad numbers. “Unsurprisingly the merger has been a prime focus for us over the last four months with a considerable amount of our resources and effort being invested in the process.”
“The unavoidable truth when involved in corporate activity of this type, is it does bring a large amount of distraction to any business. We have also been particularly concerned to do all that we can to keep the highly talented team we have established together through this uncertain period and to keep the enthusiasm, energy and excitement the team has for our business alive,” he added.