The Tabcorp Holdings share price is tanking on Wednesday after the company posted its FY24 results. 

Tabcorp shares are down 11% to 50 cents per share at the time of writing as investors digest the company’s numbers. 

The key takeouts from Tabcorp’s year include: Group Revenue was down 3.9% year over year to $2.34 billion .Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 18.7% to $317.7 million . Statutory net loss of $1.36 billion, driven by non-cash impairment charges totalling $1.38 billion after tax. Declared a dividend of 0.3 cents per share, unfranked, a 43.5% decrease from FY23. 

The Tabcorp share price had a difficult time in FY24, and so did the business. Sales, operating profit and net profit were all down substantially. 

Net profit before significant items was $28 million, down 67% from the previous year. Including a $1.4 billion non-cash impairment related to its wagering assets, the reported loss was $1.35 billion.

Declines were observed in both of the company’s segments, with wagering and media sales down 3% year over year and gaming services down 14%.

It wasn’t all doom and gloom though. The company secured a new 20-year Victorian Wagering and Betting Licence, which it expects will enhance competitiveness in the state. 

Additionally, Tabcorp made progress in upgrading its retail venues, with 31 locations refurbished across Queensland, Victoria, and NSW. These venues have shown a 19% increase in average turnover compared to non-upgraded venues.

However, these positive developments were overshadowed by the company’s struggles in the digital space, with digital wagering revenue down 2.2% for the year. 

As a result of the profit declines, the Board tightened the dividend by more than 43%, with a final payout of 0.3 cents per share. This could impact the Tabcorp share price.