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Tabcorp Half Year Results
Thursday 02.06.2014 : TABCORP RELEASES HALF YEAR RESULTS
Subdued performance from Aussie gambling giant, but digital division does well.
The Australian gambling group Tabcorp has posted its 2014 half-year results, highlighting a solid performance from digital (online and mobile) operations, which saw a strengthening of the integration between digital and retail platforms in H1 2014.
Digital turnover grew 15.6 percent to $1,448.7 million, predominantly driven by continued investments in mobile. Mobile devices represented 51 percent of digital turnover, up from 28 percent in the prior corresponding period.
Other highlights included:
* Statutory Net Profit After Tax $74.6 million, up 2.3 percent on the prior corresponding period.
* Earnings per share 9.9 cents
* Interim dividend 8 cents per share
* EBITDA from continuing operations before significant items $243.8 million, up 5.4 percent
* Revenues $1,045.1 million, up 1 percent.
* Operating expenses $220.6 million, up 0.9 percent.
* Queensland Keno licence and New South Wales retail wagering exclusivity extensions finalised, securing and strengthening Tabcorp’s portfolio of long-dated licences
* Refinancing of May 2014 bond maturities well progressed with bank debt facilities extended and increased.
* After the allocation to the Victorian Racing Industry under the new 50/50 Joint Venture arrangements (from 75/25 previously), which commenced in August 2012, wagering revenues were down 0,7 percent to $809.2 million.
* EBITDA for Wagering was $140.6 million, up 2 percent due to the impact of the changeover to the new Victorian Wagering and
* Fixed odds revenue growth was up 24.3 percent to $243.2 million, offsetting the decline in totalizator revenues, which were down 5.1 percent down at $680.3 million.
* During the half, Tabcorp expanded its fixed odds coverage, recruiting specialist harness and greyhound racing bookmakers and introduced automated market management technology to enable the expansion of sports markets. Fixed odds racing
revenues were up 38 percent, and sport revenues up 5 percent.
* Strengthening the integration of the digital and retail platforms was again an area of focus in H1 2014. Digital
turnover grew 15.6 percent to $1,448.7 million, predominantly driven by continued investments in mobile. Mobile devices represented 51 percent of digital turnover, up from 28 percent in the prior corresponding period.
* Retail trading conditions were soft, with Victorian retail turnover down 7.1 percent to $1,456.9 million and NSW turnover down 2.5 percent to $1,989.8 million.
* Tabcorp's media and international business improved with expanded support and co-mingling, with revenues up 8.3 percent to $109.9 million and expenses up only 1.3 percent at $60.6 million. EBITDA was $34.9 million, up 8.4 percent.
* Contributions to the racing industry from this business grew considerably to $36.7 million, up 27.4 percent.
* Existing arrangements for the retention of NSW and Victorian thoroughbred media rights have been extended to February 2014 and Tabcorp remains committed to achieving a fair commercial outcome.
Managing Director and CEO, David Attenborough said Thursday:
“Tabcorp’s diversified business model and focus on growth areas such as digital wagering, fixed odds and our gaming services business TGS helped to deliver a positive first half result.
“We are seeing the benefits of our investments in growth initiatives in recent years, which will continue to underpin our market leadership.
“In the context of a relatively subdued retail environment, we achieved overall earnings growth, supported by good cost control.
“Tabcorp continues to grow in a competitive gambling and entertainment market through strategies that leverage our market leading brands and unique multi-product, multi-channel distribution model.”
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