Tabcorp expands online presence after $52m half-year profit

Finance News

The 2021/22 financial year (FY22) was an historic year for Tabcorp. On 1 June 2022, the Company successfully implemented the demerger of its former Lotteries and Keno business, which is now operated by the ASX listed company The Lottery Corporation Limited.

Tabcorp reported net profit after tax (NPAT) of $6,775.9m in FY22, which included a one-off net gain on the Demerger of $6,513.8m after tax and other non-recurring significant items. Tabcorp, which is aiming to boost its digital market share after recording a $52m six-month profit

In the previous year, Tabcorp reported NPAT of $269.4m.Revenues for the Group were $5,605.5m, down 1.4%, and revenues from continuing operations were $2,373.3m, down 4.3% on the previous year. Group EBITDA from continuing operations before significant items was $381.6m, down from $487.2m in the previous year.

The Group recorded a net loss before income tax and finance costs from continuing operations of $75.1m, compared to a profit of $66.9m for the previous year.

“The successful launch of the new TAB app, which helped us retain digital market share despite the introduction of a new competitor, has provided a strong launchpad to reach our 30% target.”