Tabcorp (ASX:TAH) up 8.8% in FY21 revenue

Australia’s largest gambling company Tabcorp (ASX:TAH), noted a strong operational result in the year ending 30 Jun 2021 (FY21), despite being heavily impacted by Covid-19.

Tabcorp recorded total revenue of $5,686 million, up 8.8 per cent from the prior year. Earnings before interest, taxes, depreciation and amortisation reached $1,107 million, up 11.3 per cent from the prior year.

Net profit after tax and before significant items reached $399 million, up 47.2 per cent.

Tabcorp’s Lotteries & Keno business hit a record profit, despite below average jackpots with a digital turnover growth of 30 per cent following a resilient performance in retail.

The Wagering & Media unit improved performance when venues re-opened after lockdowns, with a digital wagering turnover growth of 27 per cent. Meanwhile, its Gaming services continued to be heavily impacted by Covid-19.

A dividend of 14.5 cents per share was recorded, up 31.8 per cent from the prior year and an 80 per cent payout ratio.

Shares in Tabcorp (ASX:TAH) are trading 1.75 per cent higher at $4.935.
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