Unfavourable sporting results impact Tabcorp 2016 performance

tabcorp

Unfavourable sporting results have impacted Australian gambling operator Tabcorp’s nine-month corporate update (period ending 31 March).

Issuing a market release, Tabcorp governance detailed that the company had seen revenue growth in all its core divisions; ‘Wagering & Media’ ‘Gaming Services’ and ‘Keno’, with the operator posting a 1% increase in revenues to AUS $1.4 billion.

Higher customer engagement had seen Tabcorp increase its group wagering by 3.1% to AUS $3 billion, however the operator could not meet its market expectations due to unfavourable sporting results in march, with Tabcorp highlighting negative racing results in March.

“Tabcorp continued to drive revenue growth in the third quarter, with pleasing levels of customer engagement across the group. Wagering turnover grew more than 3%, although the revenue performance was impacted by favourable results for customers,” declared Tabcorp Chief Executive David Attenborough.

Noting positives, Tabcorp governance highlighted the performance of its online betting division which had recorded a 15% gain in Q3 2016 to AUS $938 million (Q3 2015: AUS $815 million).

The operator declared that it was pleased with the improved performance of its online betting division amid the increased competition from international betting operators seeking Australian market share.

Updating the Australian Securities Exchange, Tabcorp governance declared that it would no longer issue three month quarterly updates in-line with practices taken on-board by the majority of ASX-listed companies.

“Tabcorp will continue reporting on a half-year and full-year basis.” The next set of financial results will be the full-year results to be announced on August 4, the company said

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