Tabcorp aims for digital expansion following out-performance of corporate forecasts

tabcorp
David Attenborough

Governance of Australian gambling operator Tabcorp were delighted to announce that the company had beaten market forecasts for its 2014 performance (year ending 30 June). Tabcorp would post 2014 full year net profits of $171 million up 14% on 2013’s 149 million.

Tabcorp would record a performance uplift on all key top-line metrics, as the operator posted a 6% rise in group revenues to $2.15 billion (2013: $2.05 billion) combined with group earnings of $334 million an increase of 158% on the prior year’s $130 million.

Following the publication of its 2014 year end results, Tabcorp governance announced that it would pay an investor dividend of 10c on 24 September.

The Melbourne based operator attributed its 2014 growth to the performance of its growing digital gaming and betting division. Tabcorp highlighted the performance of its online betting business, which had seen a number of successful new products launched during the period that enhanced product performance.

CEO David Attenborough has highlighted the division as the key to the operator’s future growth strategy, stating that the company would invest heavily to establish itself as Australia’s leading online bookmaker.

Speaking to Australian news sources Attenborough stated that Tabcorp would look to hire an additional 100 employees in 2015, focusing recruitment in the digital space, with capital spending set to top $160 million from $143 million in 2015.

“We’re backing ourselves to grow. We plan to employ 100 additional full-time staff in 2016 with almost all of these in customer experience and in digital roles. All industries who have retail customers are facing the digitalisation of the way customers want to interact with them and we have to keep pace.” Mr Attenborough said.

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