Australian gambling and entertainment group Tabcorp has released half year results for the six months ending on December 31st, 2022 revealing a net profit after tax (NPAT) of AU$52 million (€33.5 million) for the first half of FY23.
The latest figures represent growth of 11% year-on-year while reported group revenue of AU$1.27 billion (€819 million) marked an increase of 58% compared to the same period in the previous year. The report also reveals that the company’s market share of wagering revenue increased from 31.2% in H1 2022 to 34.8% in H1 2023. Digital share for the same period was 25.1%.
Tabcorp CEO Adam Rytenskild commented:
“Today’s results highlight that our transformation strategy, which commenced on 1 June 2022, is working. Our business has rebounded strongly from a COVID impacted first half last year to experience strong growth in Group revenue and EBITDA. The COVID lockdowns presented an opportunity for digital only operators, but our retail customers have quickly returned and our digital transformation is amplifying that opportunity.”
He also spoke of the group’s plans for the future:
“I’m excited to announce that we are targeting 30% digital revenue market share by FY25. We’ll do this with a transformation of our entire wagering ecosystem, including new products for punters, a reinvigoration of Sky Racing that will include a greater integration with TAB and the implementation of our new marketing strategy.”
Rytenskild also noted that the company will fast-track its Genesis transformation program to reduce operating costs by FY25.
He went on to add that Tabcorp had displayed ‘capital discipline’ by turning down an opportunity to acquire WA TAB retail betting operation from the Western Australia government. Instead the company will now focus on its digital operations.
“I’m excited to announce that we are targeting 30% digital revenue market share by FY25. We’ll do this with a transformation of our entire wagering ecosystem, including new products for punters, a reinvigoration of Sky Racing that will include a greater integration with TAB and the implementation of our new marketing strategy.
The successful launch of the new TAB App, which helped us retain digital market share despite the introduction of a new competitor, has provided a strong launch pad to reach our 30% target.”
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