Tabcorp Anticipates Higher Profits

19 Feb 2004

AUSTRALIA – As reported by the Australia Courier Mail: "Gaming and wagering group Tabcorp Holdings today said it expects profit for 2003/04 to be 20-25 per cent higher than the previous year.

"Chief executive officer Matthew Slatter said the second half of the current financial year had started well.

"Tabcorp today reported a net profit for the first half of the current financial year of $155.4 million (US$122.8 million) – up 18 per cent.

"…Mr Slatter said benefits would continue to flow following the company's merger with Queensland-based gaming group Jupiters, with synergies expected to be $9.5 million (US$7.5 million) for the current financial year and $20.5 million (US$16.2 million) in the year ending 30 June 2005 – well above the annual $10.2 million (US$8.06 million) estimated at the time of the merger.

"…Tabcorp's half year net operating revenue grew by 13.8 per cent to $1.12 billion (US$885 million) . Wagering revenue grew strongly on the previous period and the Casinos division reported a 39.3 per cent increase in revenue.

"…The Casino division achieved a 39.3 per cent increase in net operating revenue to $432.4 million (US$341.8 million) and an increase in EBITA (excluding non-recurring items) to $136.1 million (US$107.6 million), reflecting the Jupiters acquisition"

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	Tabcorp Anticipates Higher Profits 19 Feb 2004 AUSTRALIA – As reported by the Australia Courier Mail: "Gaming and wagering group Tabcorp Holdings today said it expects profit for 2003/04 to be 20-25 per cent higher than the previous year. "Chief executive officer Matthew Slatter said the second half of the current financial year had started well. "Tabcorp today reported a net profit for the first half of the current financial year of $155.4 million (US$122.8 million) – up 18 per cent. "…Mr Slatter said benefits would continue to flow following the company's merger with Queensland-based gaming group Jupiters, with synergies expected to be $9.5 million (US$7.5 million) for the current financial year and $20.5 million (US$16.2 million) in the year ending 30 June 2005 – well above the annual $10.2 million (US$8.06 million) estimated at the time of the merger. "…Tabcorp's half year net operating revenue grew by 13.8 per cent to $1.12 billion (US$885 million) . Wagering revenue grew strongly on the previous period and the Casinos division reported a 39.3 per cent increase in revenue. "…The Casino division achieved a 39.3 per cent increase in net operating revenue to $432.4 million (US$341.8 million) and an increase in EBITA (excluding non-recurring items) to $136.1 million (US$107.6 million), reflecting the Jupiters acquisition"