Wagering giant Tabcorp has followed global rival Entain in warning investors about soft trading conditions, reporting that revenue fell across its divisions just three months into the new financial year.
Tabcorp chief executive Adam Rytenskild is confident the business strategy will deliver growth despite weaker economic conditions.Tabcorp said revenue declined 6.1 per cent in the first quarter, attributed to weakness in wagering and media, digital wagering and gaming services. Wagering turnover has fallen slightly, down 0.9 per cent.
“We continue to be relentless in the way we execute our TAB25 strategy and remain focused on making the right decisions for the long-term success of the business,” he said.Tabcorp, which typically releases revenue only twice a year, said it was compelled to keep the market informed given the macroeconomic environment and the performance of its rivals.
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