REPORTING SEASON: Tabcorp Holdings (TAH)

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Figure 1: Tabcorp Holdings 12 month chart

 

Gaming company Tabcorp Holdings Limited (TAH) has announced a near 63% fall in FY13 net profit to $126.6M, but says it has still had a successful 12 months.

The result was impacted by changes to the Victorian gaming structure, including the expiry of TAH’s poker machine licence it shared with rival Tatts Group (TTS).

Total revenue for the year was down 30% to $2.1B while revenue from TAH’s continuing operations, which include its wagering businesses and Keno, rose 2% to $2B.

CEO David Attenborough said that despite the profit fall TAH remains well positioned for future growth. “Tabcorp has had a successful financial year, while managing significant change to our business portfolio and navigating challenging external trading conditions,” he said.

Shareholders will receive a fully franked final dividend of 8 cents per share, to be paid on September 24.

The payment brings total dividends to 19cps, down from 24cps in FY12.

Earnings per share from continuing operations totalled 18.9cps.

TAH shares fell in early trade on Friday but are up 9% this calendar year.

 

You can see all of CommSec’s reporting season analysis by clicking here.

Juliette Saly, Market Analyst,