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Tabcorp grows Q1 revenue 2.7%

Tabcorp grows Q1 revenue 2.7%

Tabcorp (ASX:TAH) has revealed it lifted its revenue by 2.7% to $759.4 million for the first quarter of FY12.

The gambling group on Wednesday said it had achieved revenue growth across each of its four operating divisions.

The largest of these – wagering - increased revenue 2% to $394.1 million, largely on the back of strong gains in fixed odds and trackside wagering.

But Tabcorp's smallest divisions were its strongest performing in terms of growth. Revenue from Keno increased 6.9% to $45.8 million, while the international-facing unit contributed 4.7% higher revenue of $46.6 million.

In terms of turnover, a strong 19.8% growth in internet betting revenue more than compensated for a 5.4% decrease in telephone revenue

CEO David Attenborough said the Q1 results “demonstrate that the investments to grow the business in each of its respective markets are being well-executed.”

Tabcorp recently bid for and won the new sole Victorian wagering and betting licence, which commences in August 2012.

In an investor presentation also delivered on Wednesday, Tabcorp said it expects to invest $410 million in FY12 in association with the winning of the 12-year license - which the company forecasts will deliver ebitda of $120 million in FY14.

TAH shares climbed 4.23% in Wednesday's trading to $2.710.

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Tags TabCorpgamblingASX:TAHfinancial resultsDavid Attenborough

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