REPORTING SEASON: Tabcorp Holdings (TAH)

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Figure 1: Taborp Holdings 12 month chart

 

A challenging 6 months for the betting agency

·         The last 6 months have been an eventful period for betting agency Tabcorp, which have included the acquisition of ACTTAB and legal battles that have yielded unfortunate verdicts

·         Profit was undermined by $19.5 million after a ruling in the Victorian Court of Appeal overturned an earlier decision in relation to the Health Benefit Levy (HBL)

·         TAH has recently acquired ACTTAB from the Territory Government for $105.5m. The acquisition is expected to close early 2QFY15 and will be funded from existing bank facilities

·         TAH announced a final fully franked dividend of 8 cents per share with a record date of 14 August 2014 and payable on 24 September 2014 bringing the full year payment to 16 cents per share

 

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

Tom Piotrowski, Market Analyst,