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Tabcorp Profits Plunge 49 Percent
Thursday August 4,2016 : TABCORP PROFIT PLUNGES 49.3 PERCENT IN FISCAL 2015-16
Profit impacted by costs that include A$14.4 million on preparing the companys new SunBets online operation in the UK.
Major Australian gambling group Tabcorp gave investors a shock Thursday when it released its FY 2015-2016 results, reporting a 49.3 percent year-on-year plunge in net profit at A$169.7 million (2014-2015: A$334.5 million.)
Overall, revenue climbed 1.5 percent to A$2.19 billion, whilst operating expenses rose 2.2 percent in 2015-16 to A$378 million.
The company attributed the poor performance to significant items after tax of A$16.2 million, compared to a one-off tax benefit of A$163.2 million in 2015.
The significant items included costs relating to establishment of the companys new online SunBets venbture in the UK (A$14.4 million) and fighting money laundering allegations from AUSTRAC (A$13.6 million).
These were partially offset by income tax benefits relating to a New South Wales retail exclusivity payment, and R&D claims (A$11.8 million).
Excluding the one-off items, Tabcorps annual underlying profit rose 8.5 percent to A$186 million, as digital wagering continued to grow strongly and the keno business returned to growth.
Taking a look at the brighter side, momentum in the wagering and media business improved in the first half of the year, with 15 percent growth in the important digital side of the business. And the company expects rewards to flow from the SunBets venture in the future.
Management also noted that the recent acquisition of INTECQ will also help its gaming services business TGS.
“Recent initiatives such as the proposed A$128 million acquisition of gaming systems and monitoring firm INTECQ and the launch of SunBets further strengthen and diversify our operations. SunBets is an exciting opportunity for Tabcorp to take its market-leading wagering capabilities into the A$7 billion UK online gambling market,” chief executive David Attenborough said, adding that a final dividend of 12 cents a share will be paid at the end of September.
The company expects operating costs for SunBets of A$25 million in the 2016/17 year.
Tabcorp also plans to release a new TAB app before the Spring racing carnival and AFL and NRL finals.
Management noted that the mobile channel remains the key driver of the growth in Tabcorps digital betting business, representing 65 percent of turnover.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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