Tatt's Group FY profit falls

Gaming giant not betting on being able to match record $2bn lotteries FY takings.

Tatts Group (TTS) is not betting on being able to match the record $2.01 billion lotteries revenue it posted this year but is tipping solid growth in its wagering division.  

The gaming giant's full-year net profit was dragged lower for the year to June by its exit from its lucrative Victorian pokie operations. 

Net profit for the year to June 30 fell 22.5% to $247.3 million, from $319.1 million in the prior year, on a 20.1% drop in revenue to $3.11 billion, from $3.9 billion.

Excluding the lucrative Victorian pokie operations – which the group exited after 46 days compared to a full-year contribution in 2011-12 – net profit rose 40.8% to $227.4 million, from $161.5 million. 

Analysts had pencilled in $214.1 million for the period.

Again, discounting takings from its Victorian pokies arm, revenues rose 11% to $2.94 billion, largely on record lotteries revenue of $2.01 billion. 

The group will pay a final dividend of 7.5 cents. 

At 1033 AEST the company's share price is flat at $3.17 compared to a fall of 1.4% from the wider market.

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