Australian racing and wagering giant Tabcorp has reported a slight 2.2% increase in revenues to AU$2.93 billion (US$2.11 billion) in the six months to 31 December 2021, propped up by record results in its lotteries and keno segment.
While group-wide profit fell 5.4% year-on-year to AU$175 million (US$126 million), lotteries and keno recorded a 10.9% increase in revenues to AU$1.74 billion (US$1.25 billion) with EBITDA rising 15.1% to AU$358 million (US$258 million).
By comparison, the wagering and media segment saw revenues down 9.8% to AU$1.07 billion (US$770 million), with EBITDA falling 34.8% to AU$148 million (US$107 million) – heavily impacted by retail closures in its largest market of NSW. There were 102 lost days of trading in venues in metropolitan NSW in 1H22 and 74 lost days in regional NSW, Tabcorp said.
Gaming Services revenue increased 6.8% to AU$78 million (US$56 million) while EBITDA fell 4.5% to AU$21 million (US$15 million).
“The record result from the Lotteries & Keno business again showcased the broad appeal of the business’ much-loved products and brands, and the success of its omni-channel strategy,” said Tabcorp Managing Director and CEO David Attenborough.
“While the Wagering & Media business was significantly impacted by the retail lockdowns imposed in NSW and Victoria, its performance across all channels improved once restrictions were lifted. The Wagering & Media business, and its digital performance, is much stronger when venues are open and customers can participate fully in the omni-channel experience, which is a key strategic point of difference.
“As we have throughout the pandemic, our focus was on managing the operational and financial impacts on our businesses, as well as prioritising our people’s wellbeing and supporting the recovery of our business partners.”
Tabcorp has announced an interim dividend of 6.5 cents per share, payable on 17 March 2022.
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