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Tabcorp announces 5.7% revenue growth as Tatts merger looms

Saturday, 28 October 2017 18:47
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Australian racing and wagering giant Tabcorp Holdings Limited has reported revenues of AU$578.8 million for 3Q17, a 5.7% year-on-year increase thanks primarily to solid results in its TAB wagering segment.

The announcement, filed with the Australian Securities Exchange on Friday, came despite the company recently claiming it would no longer provide quarterly trading updates, with Tabcorp stating it was appropriate to do so given the proposed combination with Tatts Group Limited.

Wagering and Media revenues were AU$481.5 million, up 4.5% on the same period in 2016. Total Wagering turnover for 1Q18 was AU$3.17 billion, representing a 3.5% increase on 3Q16. Excluding sports betting subsidiary Luxbet, total TAB turnover grew 4.5% to AU$3.03 billion. Tabcorp’s digital business recorded 17% turnover growth to AU$ $1.13 billion while retail fell 1.1% to AU$1.55 billion.

Gaming Services revenue was AU$41.4 million for the quarter, up 47.8% driven by the acquisition of Intecq and benefits from TGS expansion.

However, Keno revenue fell 5.3% to AU$54.8 million. Tabcorp’s UK joint venture with News Corporation, Sun Bets – which launched in August 2016 – booked a small 5.3% increase in revenue to AU$1.1 million with the company describing its performance as “below expectations.”

“While yet to gain traction, a number of new product and customer initiatives were introduced including improved integration of Dream Team, enhancements to the sportsbook and casino offerings and implementation of revised marketing and CRM strategies. Sun Bets' performance remains under review,” it added.

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