![]() ![]() ![]() Revenue jumped 28% to $999.0 million, from the December, 2021 half figure of $777.9 million. Our proactive and disciplined approach has delivered a strong H1 FY23 result and we are confident that this approach will enable us to achieve a robust full year result underpinned by a substantial order bank and our diversified revenue from service, parts, finance and used cars.” “We recognise the macroeconomic environment, consumer sentiment and variability in vehicle supply. Helped by a big acquisition of a rival car seller in late 2021, PWR lifted vehicle sales, earnings, revenues and dividend for the six months to December.Īnd the company is confident it can continue in that vein in the June half, telling the market on Tuesday: Six months on from the freeing-up of the economy, the re-opening of borders and sectors to normal activity, the drift away from online sales and the gradual ending of supply shortages, there’s still good money in selling new and old cars, if the December half year results from Peter Warren Auto (ASX: PWR) is any guide. New and used car prices took off during the lockdowns because of supply shortages, a lack of computer parts especially, and a knock-on effect to the second-hand sector where people snapped up near new versions of the new cars they couldn’t get their hands on and sent prices soaring. Tabcorp reported a $52 million net profit for the half year to December 31, easily topping market estimates of $40 million.Ī fully-franked interim dividend of 1.3 cents per share was set (no valid comparison because of the spinoff of Lotteries Corporation impact).ĭespite much of the economy returning to normal post-Covid, there’s one sector where there doesn’t seem to have been much of a change: car selling is still booming. Group revenue for the half rose 11$ to $1.275 billion, Group EBITDA rose 24% to $197 million “reflecting 58% growth in cash wagering revenue following a strong rebound from the COVID impacted 1H22.” The company helped the share gain by trimming its guidance for operating expense growth in FY23 to +2-3% growth, compared with +3-4% growth previously. Tabcorp shares jumped 4% to $1.04 on Tuesday. He said more detail would be released at the investor day in May. “The successful launch of the new TAB App, which helped us retain digital market share despite the introduction of a new competitor, has provided a strong launch pad to reach our 30% target,” he said. ![]() “We’ll do this with a transformation of our entire wagering ecosystem, including new products for punters, a reinvigoration of Sky Racing that will include a greater integration with TAB and the implementation of our new marketing strategy. The wagering company has hired Boston Consulting Group (BCG) to design the “Genesis” program, which is planned to cut across six pillars of the business to reduce annual operating expenses to between $600 million and $620 million by the 2025 financial year.ĬEO Adam Rytenskild said in Tuesday’s statement the company wants to lift its share of digital punting from just over 25% to 30% by 2025 (and the cost cutting will be invested to achieve that). Tabcorp has targeted $80 million to $100 million in savings across the business to reduce annual operating expenses from a projected $700 million by the 2025 financial year. Tabcorp says it will use the cash liberated in the cost cutting campaign to reinvest in growth in wagering – especially its digital gambling strategy amid between now and 2025. ![]() Shorn of its lucrative lotteries business, Tabcorp (ASX: TAH) has hired beancounters to help it slash costs by $80 to $100 million over the next three years, despite reporting stronger results for the December 31 period. Feed your growling stomach with a dizzying array of bagels with homemade spreads, or chow down with our savory wraps, healthy salads and sweet treats.A further flurry of earnings reports released Tuesday, including from wagering group Tabcorp Holdings, car dealer Peter Warren, online jobs market Seek and property giant Stockland. The Bean Counter serves up brewed coffee from the Hawaiian Islands and fulfills your caffeinated desires with a full service espresso bar. Local beans, local flavor…your local coffee bar. ![]()
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