Announcing its finances for the 2023/2024 financial year (FY24), Tabcorp (Tab) saw revenues slip against the previous year.
Revenue was down 3.9 per cent to AU$2,338.9m, which the company said primarily reflected “softer trading conditions and the sale of the eBET and MPS businesses in Gaming Services.”
After tax, the company reported a net loss of $1,359.7m after incurring non-cash impairment charges totalling $1,376.4m relating to the company’s wagering and media business and other significant items totalling $11.3m.
“One of the keys to growth for our business is digital product, and I’m pleased Tab increased speed to market and closed gaps with the release of new products and features for our customers. Tab is now a faster, more innovative and agile organisation than it was prior to the Demerger,” said Bruce Akhurst, the company’s executive chairman.
“Despite the soft wagering market, we were pleased that Tab’s digital business performed well relative to major competitors on a wagering turnover and net revenue basis, while our retail business performed strongly, with cash wagering outperforming digital, highlighting that customers are responding to our new offerings.”
