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Financial

Tabcorp revenue drops 2% for H1 2021

Tabcorp has seen its group revenue drop 2% year-on-year for the first-half of the 2020/2021 financial year, down to AU$2.8bn (US$2.2bn).

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EBITDA for the period dropped by 6% to AU$560m. Net profit after tax was AU$185m, a 7% decline from AU$199m recorded last year. 

“The COVID-19 pandemic continued to impact Tabcorp’s group earnings in H121, with the retail closures and restrictions, especially in Victoria, having a material impact,” said Tabcorp managing director and CEO David Attenborough. "COVID-19 has clearly demonstrated the importance of serving customers with a seamless, multi-channel experience.” 

Lotteries & Keno revenues was AU$1.6m, a 2% increase. Lottery EBITDA saw 5% growth to AU$311m.  Turnover for digital lotteries grew by 21% and digital lotteries made up 32% of all lottery turnover in H1.

Wagering & Media revenues increased by 1% to AU$1.2bn. Digital turnover grew 43% and digital revenue increased by 34%. EBITDA was AU$227m, down by 3%. 

Gaming Services revenues for H1 2021 was AU$73m, a 51% decline that’s primarily related to COVID-19. Venues in Greater Melbourne only opened in November 2020, while Victoria state delivers approximately 30% of the business unit’s revenues. Gaming Services EBITDA dropped by 67% to AU$22m. 

“All three businesses are well positioned for the second half and we will continue to unlock digital growth, drive operational improvements and optimise costs,” added Attenborough. “We are committed to working with our industry partners to help them recover from the disruption COVID-19 has had on their operations. We are also committed to helping our industry partners reconnect with their customers and reinvigorate venues and racetracks across Australia.” 

 

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