Tabcorp has reported its results for the 2022 financial year with a net profit after tax of $6.8bn, including a gain on demerger of $6.5bn, but group revenue was down 4.3 per cent to $2.4bn.
Tabcorp Managing Director and CEO Adam Rytenskild said the results reflect “a disrupted period” for the business and are” a line in the sand and the end of old Tabcorp”.
He said: “We’re resetting our business and culture to focus only on customers and growth. I can’t wait to roll-out our new TAB App. We’re gearing up for an exciting spring and to follow that with a terrific customer experience for the FIFA World Cup. We’ll also release two new TAB digital products before Christmas – that includes a social betting feature and a same race multi product.
“Our transformation has started. In the near term, we have a clear plan with specific actionable priorities for FY23 including the launch of our new TAB App which is faster, simpler and different. We are improving our customer experience and will better leverage our venue and media assets for customers. Structural reforms to level the playing field with offshore bookmakers will further improve our competitiveness and our opportunity to grow.
“While we are implementing an urgent transformation, caring for our customers will remain an absolute priority. TAB is Australia’s most trusted wagering brand and it’s a role we take very seriously.
“In Gaming Services, the pivot toward our unique integrity services capability has begun. We are working with the Star Entertainment Group to transition their Sydney Casino onto our NSW monitoring platform. We have made a decision to sell our non-core eBet business and are in discussions with a preferred bidder.
“FY22 was a disrupted year with first half COVID lockdowns in our two largest markets, a record number of race meetings washed out and the priority challenges of a company pre-demerger. We are seeing stabilisation in our digital market share, and our total focus is now on executing our strategy to transform and pursue growth. We feel the next results, reflecting this half, will be a good test for the improvements we are making.
“None of this is possible without our people, and we are working quickly to change our culture and the way we work to be innovative, bold and unified to win”.
Looking ahead Rytenskild added: “We have a clear strategy and a focused ambition to grow our customer base. The hero metric for everyone in the Company is digital revenue market share, without exception. I’m determined for us to be different and to be totally obsessed with creating products and experiences that Australia loves.”
In addition Tabcorp said its new TAB App will be launched in September ad the company is building two new products, a social betting feature and same race multi product, which will be released before Christmas.