Tab NZ

2022 - 11 - 1

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Tab NZ falls short of budgets despite withdrawal of last Covid-19 ... (iGaming Business)

Tab NZ missed revenue and turnover budgets during September despite the New Zealand government having withdrawn all Covid-19 restrictions.

[July](https://igamingbusiness.com/finance/tab-nz-misses-revenue-and-profit-budgets-again-in-august/) and [August](https://igamingbusiness.com/finance/tab-nz-misses-revenue-and-profit-budgets-again-in-august/), during which Tab fell short of revenue and profit budgets. Tab said the easing of mask restrictions had a positive impact on retail traffic, other factors, including the continuing soft economic conditions, abandoned race meetings and another month of a drop in starters across all three racing codes, contributed to missed budgets. Operating expenses were $100,000 above budget at $10.5m, though total payments to Racing Codes during the month stood at $12.3m, in line with budget. Reported profit for the month was $11.3m, which was also behind budget by $1.2m, while turnover amounted to $212.7m, missing Tab’s budget by 2.0%, or $4.4m. Gross betting revenue reached NZ$33.6m (£16.9m/€19.7m/US$19.5m), which was below budget by 3.5%, or $1.2m.

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TAB NZ Reports $6.6M in Profit for September (GamblingNews.com)

Despite easing COVID-related restrictions, TAB NZ reported that its profit in September halted at NZ$11.3 million or NZ$1.2 million below budget.

TAB NZ revealed that its turnover was NZ$212.7 million ($123.6 million), down NZ$4.4 million ($2.6 million) or 2.0% below budget. What’s more, GBR hit NZ$33.6 million ($19.5 million), down by 3.4% or NZ$1.2 million ($698,000 million) on budget, while GBM was 15.8% or 0.2% below budget. According to the latest figures, the year-to-date reported profit hit NZ$21.7 million ($12.6 million), making it NZ$2.5 million ($1.5 million) below budget. Turnover of $212.7m was 2.0% ($4.4m) below budget. Additionally, TAB NZ released details regarding its operating expenses that in September were NZ$0.1 million ($58,000) above budget, hitting NZ$10.5 million ($6.1 million). However, the company said that the financial results were still impacted by other factors such as abandoned race meetings and economic conditions. The recent results aren’t what was expected, considering the disappearance of COVID-19 restrictions. Judging by the recent figures, TAB NZ’s reported profit in September hit NZ$11.3 million ($6.6 million) or NZ$1.2 million ($697,000) below budget. “In September, the second month of the 2022/23 financial year, key performance results for TAB NZ were slightly down on the overall positive trends of the previous financial year. This marked NZ$0.5 million ($290,000) above budget. GBR of $33.6m was down on budget by 3.4% ($1.2m) and GBM of 15.8% was 0.2 percentage points below budget,“explains a statement released by TAB NZ [profit for the agency](https://www.gamblingnews.com/news/tab-nz-shares-june-monthly-trading-update-reported-profit-is-11m/).

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