Australian betting and wagering company Tabcorp yesterday published 2011 full year results. Company highlights, including the demerged casinos business, included a reported net profit after tax up 13.9% to AU$534.8 million and revenue and earnings growth across all businesses. Although the full year ended 30 June, 2011, Tabcorp also mentions its successful bid for the Victoria Wagering and Betting Licence, awarded to the company last month.
Tabcorp Chairman Paula Dwyer said FY11 was a transformational year for Tabcorp,
following the successful demerger of its Casinos businesses from its Wagering, Gaming
and Keno operations. The last 12 months have also been significant with the company
winning a number of long-dated licences, which in turn has secured the long-term future
of the group. In FY11 Tabcorp was awarded the new 10-year Victorian Keno licence and executed an important agreement with the NSW racing industry and NSW Government to introduce Tabcorp’s animated racing game, Trackside, and an expanded fixed odds offering into
the NSW market.
“The earnings performance of our divisions this year was strong, which provided a solid platform for the
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demerger, and momentum post-demerger. The businesses are now well positioned and focused on continuing to perform in each of their markets,” Ms Dwyer said. “The award of the Victorian Wagering and Betting Licence strengthens Tabcorp’s position as the leader in the Australian wagering industry and provides a further
platform for growth. The licence will create value for Tabcorp shareholders and allows
the company to continue the great relationship we have built over the last 17 years with
the racing industry in Victoria.”
In conclusion Ms Dwyer commented, “Tabcorp continues to be a strong, competitive and well capitalised business with several long-dated licences providing strong cash flows, coupled with a market leading presence in retail and online distribution.” (E-08.17.11)
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