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Tabcorp posts AU$870m net loss for fiscal year as pandemic impacts on revenue

Tabcorp has posted a net loss of AU$870m (US$632.4m) for the 2019/20 fiscal year, as revenue also fell with business operations heavily impacted by the coronavirus pandemic.

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The significant statutory net loss after tax for the fiscal year up to 30 June 2020, comes after an AU$361m statutory net profit in the previous year, as the Australian operator’s venues were closed for several months from March.

As a result, group revenue was down 5% year-on-year to AU$5.22bn, while EBITDA before significant items, dropped 12% to AU$995m.

The operator’s wagering and media revenue decreased by 10% down to AU$2.08bn, with the suspension of live sport from late March affecting the division. Venue closures saw revenue from gaming services drop by 27%, down to AU$221m.

However, its lotteries and keno division saw revenue increase by 2% to AU$2.92bn for the period. The operator mentioned that like-for-like lottery sales was up 15-30% during the COVID-19 restrictions.

Tabcorp also announced it plans to raise AUS$600m in equity, to ensure greater financial flexibility and offset the losses incurred due to the pandemic.

Outgoing Tabcorp CEO and MD David Attenborough, who will retire from his roles in 2021, said: “We are focused on ensuring that together we emerge strongly in the post COVID-19 environment.

“We also recognise that this has been a difficult year for shareholders, with no final dividend as previously announced. We have taken action to reduce costs, preserve cash and ensure we have strength and flexibility in our balance sheet.”

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