Tabcorp sees year-on-year revenue growth of 2% - however, its CFO resigns

Updated:2024-03-21 13:26    Views:103

Tabcorp has had an eventful few hours after it reported its full-year financial report – which showed that it made AU$2.43bn in group revenue, 2% up year-on-year – however, it also saw its CFO, Daniel Renshaw, resign.

Starting with its fiscal year, Tabcorp’s group EBITDA of AU$391m represented an 8% annual increase, while its group EBIT rose by 103%, totalling AU$150m.

Its profit after income tax for the year rose from its minus figure in 2022 of AU$118.4m to a positive sum of AU$66.5m.

Tabcorp MD & CEO, Adam Rytenskild,Casino games said of the results: “Today’s earnings and record active customers highlight the successful completion of the foundation year in the TAB25 transformation strategy.

“Our total revenue market share grew, highlighting the strength of our wagering ecosystem. Despite a distorted market, which included the introduction of an aggressive new operator and increased generosity and marketing spend by competitors, our digital revenue share remained relatively stable, highlighting the strength of our new products.”

Elsewhere, Renshaw has decided to leave his post with no further explanation given beyond ‘personal reasons.’

Commenting on his decision to leave, Renshaw said: “I’m really proud to have been involved in the successful demerger and the creation of new Tabcorp. I’m confident I will leave the business in a strong position and look forward to seeing the growth phase of the company.”

Meanwhile, Rytenskild added of Renshaw’s departure: “I really appreciate Dan’s contribution to Tabcorp over a long period of time. Dan played a key role in the successful demerger of the Lotteries & Keno business and the successful launch of the new Tabcorp. Dan leaves with the balance sheet set up for growth and a reset cost base.”


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