Tabcorp lottery segment drives FY20H1 revenue

Australian wagering giant Tabcorp announced a 4.4 percent increase in group revenue for the first half of the 2020 financial year, driven by performance in its lotteries business. 

The company said that it registered more than 300,000 new customers in the past six months – translating to strong growth in both digital and retail lotteries an Keno. 

Revenues from this segment increased 12.4 percent year-on-year to A$1.6 billion in half-year. 

This was, however, offset by a decrease in revenue from its Wagering & Media business and Gaming Services business, which fell 3.7 and 4.4 percent respectively. 

Tabcorp said its Wagering & Media result reflected a business navigating a large and complex integration, whilst transforming its offer in a softer market. 

Its Gaming Services business was impacted by a number of factors, including expiry of contracts, contract extensions at lower daily rates, and reduced project work. 

The company has announced an interim dividend of 11 cents per share fully franked, which is payable on March 18, 2020.