Tabcorp experiences 10.1% increase in revenue to AU$1.33bn during H125
In FY25, Tabcorp is looking to make operating costs savings of AU$30m.
Key points:
– EBITDA up 12%
– Net debt lower compared with 30 June 2024
Tabcorp has released financial results covering the six-month period ended 31 December 2024.
Revenue during the period experienced a 10.1% rise year-on-year to AU$1.33bn (US$0.85bn), while EBITDA went from AU$169.8m in H124 to AU$190.2m in H125.
The operator has pointed to the reformed Victorian Wagering and Betting Licence as a reason for revenue’s growth; while wagering and media revenue both saw an increase of 11.3%. Cash wagering net revenue was higher in H125 by 18.2%.
NPAT before significant items for the period was up 25.6% to AU$22.1m, while net debt was $753m, which is $107m lower than at 30 June 2024.
For the full year of FY25, Tabcorp is looking to make operating costs savings of AU$30m, which would be an increase from the AU$20m target announced back in August.
Tabcorp Managing Director & CEO Gillon McLachlan said: “Tabcorp is getting fitter. We have increased our wagering and media capability at the leadership level, developed a simpler, more cost effective operating model, and are operating with a bias for action and increased accountability.
“The improvement in earnings reflects the commencement of our reformed Victorian Licence, cost discipline and increased competitiveness that was amplified with new innovations during the Tab Everest, Melbourne Cup Carnival and Magic Millions.
Good to know: SkyCity Entertainment has also released H125 financial results, with the group experiencing a decrease of 41% in underlying group NPAT
“As we improve execution we will transition to an evolved strategy, with a broader focus on unlocking the value which lies within our unique set of assets.
“We are digitally competitive, and our second half will be about operational growth through our omnichannel offering. We will build on our digital progress to enable a broader set of strategic initiatives that will allow us to take advantage of our unique asset base.”
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