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Tabcorp Revenues Drop by 4% for FY 2022

Record number of sporting event cancellations the main cause of poor results

by - Wednesday, August 24th, 2022 3:55
Tabcorp

Tabcorp Holdings has released its FY 2022 report revealing that revenue for the full year ending on June 30th dropped by 4% to AU$2.37 billion (€1.64 billion).

According to the report released today, group EBITDA (earnings before interest, taxes, depreciation, and amortization) came to AU$382 million (€264.8 million). Meanwhile, FY 2022 Group Statutory Net Profit after Tax (NPAT) totaled AU$6.77 billion (€4.69 billion), a significant increase on the AU$269 million (€186.5 million) reported in FY 2021. Net debt for the period came to AU$20 million (€13.8 million).

Revenue from betting and media for the year dropped by 5% to AU$ 2.18 billion (€1.5 billion) while EBITDA for these verticals dropped by 26%. According to the presentation, these drops were a direct result of the retail closures in NSW and Victoria imposed due to the global pandemic in the first half of FY 2022. Wet weather was also a contributing factor in the second half of the period as poor conditions caused the cancellation of a record number of sporting events.

Tabcorp Revenues Drop by 4% for FY 2022 Tabcorp Revenues Drop by 4% for FY 2022

“We’ve made an urgent start to transform Tabcorp into a competitive and growing business. We have a clear strategy and a focused ambition to grow our customer base. FY22 was a disrupted year with first half Covid lockdowns in our two largest markets, a record number of race meetings washed out and the priority challenges of a company pre-demerger.

We are seeing stabilisation in our digital market share, and our total focus is now on executing our strategy to transform and pursue growth. We feel the next results, reflecting this half, will be a good test for the improvements we are making.

Tabcorp Revenues Drop by 4% for FY 2022
Ciaran McEneaney

Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.