Tabcorp Holdings reported revenue of AU$2.37 billion (US$1.64 billion) for the fiscal year ended 30 June 2022, a 4% decrease from the previous year.
Tabcorp explained that the results are reflective of external impacts such as Covid-19, delivered under a pre-demerger operating structure.
The Group Statutory Net Profit after Tax (NPAT) for FY22 was AU$6.77 billion, up from AU$269 million in FY21, with a net debt of AU$20 million.
Wagering and media revenue fell 5% year on year to AU$2.18 billion, while EBITDA fell 26%. Both were influenced 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 increased by 5% year on year to AU$193 million, while Gaming Services EBITDA increased by 6% year on year to AU$75.2 million.
“We’ve made an urgent start to transform Tabcorp into a competitive and growing business,” said Adam Rytenskild, Managing Director and CEO of Tabcorp. “To expand our customer base, we have a clear strategy and a focused ambition.”
“FY22 was a tumultuous year, with first-half Covid lockdowns in our two largest markets, a record number of race meetings canceled, and the priority challenges of a pre-demerger company.”
“Our digital market share is stabilizing, and our entire focus is now on executing our transformation and growth strategy.” We believe that the next results, reflecting this half, will be a good litmus test for the progress we are making.
“None of this would be possible without our people, and we are working hard to change our culture and the way we work in order to be innovative, bold, and united in our pursuit of victory.”