Tabcorp reveals financial growth in first half

Tabcorp has had cited the ongoing success of its wagering and media business as one of the key reasons behind year-on-year financial growth during the first half of the year.

Group revenue in the period totalled Aus$1.1 billion (€709.5 million/US$789.1 million), up 1.8% on the total posted in the first six months of last year.

Tabcorp’s wagering and media division was the main source of income during the first half after generating Aus$973 million in revenue, 1.3% more than the previous year.

Revenue from gaming services was up 4.3% year-on-year to Aus$52.9 million, while keno revenue also increased by 5.7% to Aus$109.7 million.

Group earnings before interest, tax, depreciation and amortisation came in at a total of Aus$266 million, which represents a year-on-year increase of 1.8%.

Tabcorp also noted that variable contribution was up 2.3% to Aus$507.3 million in the first half, while operating expenses increased 2.9% to Aus$241.3 million.

David Attenborough, chief executive and managing director of Tabcorp, said: “We made good progress against our strategy in the half, executing a number of initiatives that position the business for further growth.

“The board has announced an interim dividend of 12 cents per share, fully franked, and up 20%, reflecting our ongoing focus on delivering strong returns for shareholders.

“We remain well positioned to drive future performance, maintain expense discipline and achieve 14% Return on Invested Capital by FY17.”

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