Tabcorp results show H1 net loss of AU$636.8m

Factors such as wagering activity and higher taxes have been pinpointed as reasons behind the results. 

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Tabcorp has released its half-year results for the 6-month period ended 31 December 2023 (H124). 

Group revenue was down 5% to AU$1.2bn (US$0.79bn) when compared with the figure posted in H123, which the operator said reflected the current trading conditions. 

Similarly, group EBITDA also saw a decrease to AU$170m, representing a fall of 14%, while Group EBIT was down 32% to AU$50m. 

The company suffered a huge loss during the period, with a group statutory net loss after tax of AU$636.8m, including a non-cash impairment charge of AU$731.9m after tax to the Wagering and Media business. 

The impairment reflects an assessment based on underlying assumptions that take into account matters such as consumer spending on wagering activity, the impact of higher interest rates on discount rates and higher taxes in New South Wales following the end of transitional payments to Tabcorp. 

The press release from Tabcorp emphasises the historical resilience of the Australian wagering market and that recent weaknesses follow a period of large digital growth through the Covid-19 pandemic, stating its confidence in the long-term growth outlook for the market. 

Tabcorp Managing Director and CEO Adam Rytenskild gave some insight into the results: “We continue to focus on the three pillars of our strategy. Invest in customer and competitiveness to Win back the Australian market, Level the Playing Field for fees, taxes and regulation and reshape our cost base for efficiency and growth. 

“We have become a more digital business, underpinned by recent investments in AI, data and new technology platforms. Combined with our TAB brand embedded in over 4,000 venues, we see a significant omnichannel opportunity that we are yet to capitalise on. 

“Today’s results are solid given market conditions, but more importantly demonstrate that the Company is on track to significantly improve performance over time. The Australian wagering market is healthy, we’re confident it will return to growth and Tabcorp’s position in it will be much stronger when it does.” 

In other news related to Australia, The Star Entertainment recently announced that it had entered into a binding documentation for the guarantee of the preservation of jobs, and the cashless and carded play trail related to The Star Sydney casino. 

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