Tabcorp has stated that it has achieved the year-1 objectives of its business transformation following its demerger from Tatts Group, in line with the group’s new TAB25 corporate strategy.
Publishing its 2022/2023 financial accounts, the reorganised ASX sports betting group achieved corporate revenues of AUS $2.43bn (€1.45bn).
A year following its demerger from Tatts lotteries, the commercial make-up of Tabcorp is composed of Wagering and Media generating FY revenues of AUS 2.23bn (€1.3bn) and the new Gaming Services unit generating $200m (€120m).
Outlined as the primary objective of 2022/2023 trading, Tabcorp launched its new sportsbook product and digital strategy – spearheaded by the “launch of the new TAB App, with 10 new product releases to enhance digital competitiveness.”
Tabcorp notified investors: “TAB launched a new App on time as promised to the market with a record 805,000 active customers in FY23, a level playing field was legislated in Queensland and our Gaming Services business continued its transition to an integrity services model.”
The streamlined betting group reported improved EBITDA results (before special items) of AUS $391m (€230m), up from $382 reported in 2021/2022 trading.
Year trading saw the TAB business navigate regulatory and tax reforms in the states of Queensland and Tasmania, with the group maintaining its statutory tax fees at AUS $1.4bn (€825m).
Undertaking its Genesis Reorganisation programme, net operating expenses were maintained at AUS 615m (€360m), helping Tabcorp reverse 2021/2022 losses of AUS $75 to a positive outcome of AUS $117m (€69m).
Net Profit After Tax (NPAT) for FY23 stood at $66.5m (€39m), which included a non-cash impairment charge of $49m for the Gaming Services business and other significant item benefits amounting to $16.4m.
Outlined as a key development, in February 2023 Tabcorp announced its TAB25 vision, a three-year strategic initiative aimed at achieving a 30% Digital Revenue Market Share, a 10% Return on Invested Capital, and an operating expenditure of $600m–$620m by full-year 2025 trading
“The first year laid the groundwork, focusing on product development, policy establishment, and team building to ensure future growth and realisation of the TAB25 objectives.”
Concluding its financial statement, Tabcorp informed that Daniel Renshaw will step down as Group CFO at the end of the month due to personal reasons, with Damien Johnston announced as successor effective from 1 September.
Group CEO Adam Rytenskild thanked Renshaw for his expert management of Tabcorp financial performance during its transformative phase, and as a key member of the group’s TAB25 strategy “laying a new platform for growth”.
“I really appreciate Dan’s contribution to Tabcorp over a long period of time,” Rytenskild said. “Dan played a key role in the successful demerger of the lotteries and keno business and the successful launch of new Tabcorp.
“Demergers and transformations are hard to deliver, and Dan was an important part of our Leadership team that ensured a seamless transition for shareholders and a strong foundation year for Tabcorp’s TAB25 transformation strategy.”