Tabcorp CEO praises business transformation as results jump in H1

David Attenborough, managing director and chief executive officer of Tabcorp, has cited the ‘continued transformation’ of the Australian gambling firm’s business as the main reason behind a year-on-year jump in results during the six months through to December 31, 2014.

The company posted revenue of AUS$1.1 billion (€787.9 million/$902.5 million) during the first half, which is up 6.7% on the amount achieved in the corresponding period of the previous year.

Wagering and media was the biggest driver of revenue at Tabcorp, contributing AUS$960.7 million of total revenue.

Elsewhere, earnings before interest, tax, depreciation and amortisation at the firm increased 7.2% to AUS$261.3 million, thanks in part to a 9.5% jump in the amount generated by wagering and media activities.

Earnings before interest and tax jumped 9.3% to AUS$177.1 million, while statutory net profit after tax hiked an impressive 64.1% to AUS$122.4 million.

“Tabcorp’s positive 1H15 performance reflects the benefits of the continued transformation of our business and ongoing investment in our unique multi-channel distribution model,” Attenborough said.

“Wagering benefitted from excellent execution around two big events, the Spring Racing Carnival and football World Cup.

“Strong customer acquisition numbers and betting volumes helped drive first half earnings.

“Our market leadership in fixed odds and digital wagering continues, with strong growth achieved in both segments during the first half.

“The operational focus and investments made by Tabcorp in recent years has given our customers a unique and complete market offering across all channels and products.

“The business is well placed to deliver on our priorities for FY15.”

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