Tabcorp: Result 2012

Tabcorp grew profits in 2012 despite a tough economic environment. But earnings are likely to collapse by more than 50% this year.

Wagering and gaming operator Tabcorp’s full year result was admirable considering the weaker environment haunting the nation’s retailers. It highlights the generally resilient nature of gambling revenues. Revenue increased 3% to $3.0bn, while adjusted net profit increased 13% to $340m. The board declared a fully franked final dividend of 11 cents per share (ex-date 16 Aug), bringing the annual total to 24 cents.

*Earnings before interest and tax, ^Adjusted for demerged casino business, ~Net debt to equity ratio.

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