Tab NZ continues to outpace targets in June

| By Conor Mulheir
New Zealand-based operator Tab NZ has released its latest monthly trading update for June 2021, showing a reported profit of NZ$16.0m (£8.1m/€9.5m/$11.1m).

This marks the fourth month in which the operator has continued to outperform its allotted budget.

Wagering turnover was $209.5m for the month, $44.6m above the same period last year, and $1.8m behind May’s turnover. Gross betting revenue came to $33.8m, at a margin of 16.2%. Operating expenses for June were $9.5m.

The net profit figure of $16.0m for the month was $6.0m above budget, and consisted of $14.7m in betting profit – $6.1m ahead of budget – and $2.0m in gaming profit -$100,000 ahead of budget – minus $700,000 due to funds paid by the Racing Integrity Unit (RIU).

The profit figure also includes Tab NZ’s sale of its radio brand to SENZ for $2.2m, and excluding one-off or exceptional items, the operator’s normalised profit for the month was $13.8m, $3.8m ahead of its budget. This figure is slightly behind May’s reported $14.0m profit.

For the year to date, normalised profit for the business is $159.1m, $39.5m above budget. Total reported profit is $163.1m.

Racing codes were paid $10.3m in actual distributions for the month, compared to $9.7m budgeted. This was significantly lower than May’s distribution figure of $16.5m, however.

June’s contribution brought the code distribution for the year-to-date to $133.4m, $13.5m ahead of the budget to date.

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