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Tabcorp FY22 revenue down 4%

Tabcorp Holdings has reported revenue of AU$2.37bn (US$1.64bn) for the full year ended 30 June 2022, a 4% decline from the prior-year period.

tab results

Group EBITDA was AU$382m, with Tabcorp explaining that the results are reflective of external impacts including Covid-19, delivered under a pre-demerger operating structure.

FY22 Group Statutory Net Profit after Tax (NPAT) was AU$6.77bn, compared to AU$269m in FY21, with net debt of AU$20m.

Wagering and Media revenue for the period declined by 5% year-on-year to AU$2.18bn, with EBITDA down 26%. Both were driven by the “significant impact of Covid-related retail closures in 1H22 in the company’s largest markets - NSW and Victoria - and wet weather in 2H22 which resulted in a record number of abandonments.”

Gaming Services revenue was, however, up 5% year-on-year to AU$193m, with Gaming Services EBITDA also up from FY21 by 6% to AU$75.2m.

“We’ve made an urgent start to transform Tabcorp into a competitive and growing business,” said Tabcorp Managing Director and CEO Adam Rytenskild. “We have a clear strategy and a focused ambition to grow our customer base.

“FY22 was a disrupted year with first half Covid lockdowns in our two largest markets, a record number of race meetings washed out and the priority challenges of a company pre-demerger. 

“We are seeing stabilisation in our digital market share, and our total focus is now on executing our strategy to transform and pursue growth. We feel the next results, reflecting this half, will be a good test for the improvements we are making. 

“None of this is possible without our people, and we are working quickly to change our culture and the way we work to be innovative, bold and unified to win.”

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