Australia ASX-listed gambling group Tabcorp Holdings, has published the final trading statement of Tatts Group Limited, as the companies move to combine their operations in 2018.
Publishing H1 2018 results (period ending 31 December), Tatts reports a 19% increase in period revenues generated from ordinary activities of AUS $ 1.37 billion.
Tatts revenue uplift was primarily driven by its lottery division recording a strong run of 18 jackpots above AUS $15 million mark which boosted ticket sales, with Tatts lotteries contributing Aus $1.08 billion of period revenues.
However, a costly trading period for Tatts operations, in which the gambling group booked significant merger costs of AUS $36 million, saw Tatts governance declare a statutory net-profit-after-tax (NPAT) of AUS $102 million.
Tabcorp and Tatts governance have begun to integrate assets, as the enlarged enterprise targets delivering AUS $130 million per annum in EBITDA synergies and business improvements, planned to be delivered in the first full year following integration
Commenting on the trading statement, Tabcorp’s Managing Director and CEO, David Attenborough detailed;
“Now that the combination with Tatts has been completed, we are focused on delivering the significant value and other benefits that will flow to shareholders, customers and our racing and venue partners.
“We have reshaped the business and have created a strong platform for sustainable growth, with a clear set of priorities to drive growth across each of our businesses. Our focus on ensuring the highest levels of regulatory compliance will continue as we deliver on this agenda. At the same time, we will remain committed to a disciplined approach to operating expenses and capital investment to deliver sustainable returns to our shareholders.”
Source: SBC News
