Wagering operator Tabcorp has reported a 14 per cent decline in net profit for the six months to December 31, as the company worked through inflationary challenges alongside a sustained run of successful results for punters.
The group posted revenue of $1.3 billion for the half-year period, representing a modest one per cent increase, while net profit came in at $21.7 million. When excluding significant items such as changes to the Victorian wagering licence framework and ongoing transformation expenses, underlying profit rose strongly by 61.5 per cent to $35.7 million.
Chief executive Gillon McLachlan said the company continued to make progress as it implemented its broader strategic reset, despite difficult trading conditions across key wagering periods.
“There’s greater depth in our business. I’m proud we’ve delivered double-digit earnings growth in a half where wagering operators were impacted by a run of low yields during the Footy Finals and Spring Racing Carnival,” McLachlan said. “There’s more to do and we’re not where we want to be yet, but we have made significant progress in the first half, and we will remain relentless in executing on our strategy in the second half and beyond.”
Tabcorp also confirmed it will distribute an unfranked interim dividend of 1.5 cents per share to investors following the half-year result.
