Tabcorp’s spin-off Lottery Corp shareholders will pocket a hefty dividend, with investors sending its shares to a record high.
, freeing The Lottery Corporation from the baggage of an underperforming wagering business buckling under the weight of nimbler online rivals.
The Lottery Corp posted a 13 per cent decline in net profit to $173 million, weighed by pre-tax separation costs and finance costs relating to the demerger.The current period also includes the results of the Keno segment following the acquisition in May 2022.“We have generated strong momentum and believe there is further upside potential for The Lottery Corporation from ongoing portfolio management and other initiatives,” CEO Sue van der Merwe said.
Lotteries revenue was $1.77 million, up 6.5 per cent on the previous corresponding period, with earnings before interest tax deprecation and amortisation of $349 million, up 11.9 per cent. Powerball was responsible for driving most of the growth, underpinned by management of accelerated jackpot sequences, including the record $160 million draw, in which that jackpot level was reached after just six weeks.
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