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Tabcorp reports 11% revenue growth for 1H23

Tabcorp has reported revenue of AU$1.28bn (US$880m) for the six-month period ended 31 December 2022 (1H23), an 11% increase from the prior-year period.

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The group reported Statutory Net Profit after Tax (NPAT) of AU$52m, with EBITDA increasing 24% year-on-year to AU$197m. This reflected ​​58% growth in cash wagering revenue following a strong rebound from the Covid-impacted 1H22, noted Tabcorp.

The company reported Digital Revenue Market Share of 25.1%, with TAB holding digital share for the first time since 2019. Total Wagering Revenue Market Share climbed from 31.2% in the prior-year period to 34.8%.

Tabcorp highlighted that TAB25 has been released, which targets 30% digital revenue share and doubling Return on Invested Capital (ROIC) in FY25 among other goals.

Wagering and Media revenue for the period increased by 9% year-on-year to AU$1.17bn, with EBITDA climbing 12% to AU$154m. And Gaming Services revenue for 1H23 increased by 37% to AU$109m, with EBITDA more than doubling to AU$43m.

“Today’s results highlight that our transformation strategy, which commenced on 1 June 2022, is working,” said Tabcorp Managing Director and CEO Adam Rytenskild. “Our business has rebounded strongly from a Covid impacted first half last year to experience strong growth in group revenue and EBITDA.

“The Covid lockdowns presented an opportunity for digital-only operators, but our retail customers have quickly returned and our digital transformation is amplifying that opportunity.

“I’m particularly pleased that, with new entrants entering the market and retail venues reopening, TAB held digital revenue market share for the first time since 2019. To retain our market share, while a new entrant took share from competitors and retail reopened, highlights that customers are loving the new TAB App.”

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