Tabcorp (TAH) AGM 2024 summary

Opening remarks and agenda

• The AGM was opened in Sydney, acknowledging traditional custodians and outlining meeting procedures for both in-person and online attendees.

• Artist Jordan Lovegrove's commissioned digital artwork was recognized.

• Board members, executive team, and external auditor were introduced, with voting and Q&A protocols explained.

Financial performance review

• FY24 revenue was AUD 2,338.9 million, down 3.9% year-on-year, mainly due to a softer wagering market and asset sales.

• Group EBITDA before significant items was AUD 317.7 million, down 18.7%; net loss after tax was AUD 1,359.7 million due to non-cash impairments and significant items.

• Operating expenses increased by 6.3% to AUD 614.0 million.

• Digital wagering revenue declined 2.2%, while cash wagering revenue rose 5.3% in H2, reflecting retail strength.

• Impairments mainly related to NSW and SA assets, with significant items including transformation, licence, and demerger costs.

Board and executive committee updates

• Gillon McLachlan was appointed as the new Managing Director and CEO, with a focus on cost efficiency and growth.

• Bruce Akhurst retired as Chairman, succeeded by Brett Chenoweth; Justin Milne also retired from the board.

• The board includes Raelene Murphy, Brett Chenoweth, David Gallop, Janette Kendall, Justin Milne, and Karen Stocks as Non-Executive Directors.