Tabcorp share price halted ahead of $600 million equity raising
Tabcorp has suffered a full-year net loss of $870 million after forced COVID-19 closures of its outlets stifled revenue.
The group’s 2019/20 net loss compared to a profit of $361 million last financial year, after its betting and gaming outlets were among those ordered to close to slow the virus’ spread.
Full-year revenue was down 4.8 per cent to $5.22 billion. A $1.1 billion writedown of its wagering and media unit, and gaming services also affected its results.
The group will not pay a dividend, which had been flagged earlier. Shareholders received a payout of 11 cents per share, fully franked, this time last year.
Tabcorp also said it had completed most of the integration of the Tatts business after the merger was approved in 2017.
However, revenue benefits could not be meaningfully measured during the pandemic, Tabcorp said. The group has announced a $600 million equity raising at $3.25 per share.
Its shares have been suspended from trading on Wednesday but were last exchanged for $3.67.