|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||4.51 - 4.67|
|52-week range||4.51 - 4.67|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Tatts Group chief executive Robbie Cooke says the group has not let the uncertainty of its merger with Tabcorp affect its trading momentum. Mr Cooke told shareholders at the gambling giant's annual general meeting on Tuesday that net profit from continuing operations in the first five months of the financial year is up nearly 18 per cent, and revenue up 6.1 per cent.
Tatts Group's first quarter net profit has jumped almost 15 per cent, boosted by a string of bigger-than-usual multi-million dollar lottery jackpots. Tatts said a strong lotteries performance, backed by eight jackpots of $15 million or more and a jackpot pool value average of $32.5 million, helped drive lotteries revenue up 8.8 per cent in the quarter. Digital lotteries sales growth, which represents 16.4 per cent of total lotteries sales, also increased by almost 30 per cent, the company said on Tuesday.
Tatts Group's first quarter net profit has jumped almost 15 per cent jump on the back of a strong performance by its lotteries jackpot. Continuing operations net profit after tax for the three months to September 30 rose 14.8 per cent to $67.2 million, compared to the same time last year, while revenue grew 6.8 per cent to $743.1 million, thanks to strong lotteries performance backed by eight jackpots at or above, the $15 million mark. The gaming giant said the revenue increase and well-controlled expenses had helped deliver a 9.6 per cent lift in earnings to $128.2 million for the period.
The $11 billion merger of gaming giants Tabcorp and Tatts Group is back on track for now, after the Australian Competition Tribunal gave the deal a green light for a second time. The Tabcorp-Tatts merger was thrown into doubt in July after the ACT had to review its original approval because of objections from the Australian Competition and Consumer Commission and online wagering firm CrownBet. The ACT on Friday said it is satisfied that the proposed merger is likely to result in substantial public benefits and that detriments identified by CrownBet - which is majority-owned by James Packer's Crown Resorts - and the ACCC are unlikely to arise or are immaterial.
The $11 billion merger of gaming giants Tabcorp and Tatts Group is again clear to proceed, with the Australian Competition Tribunal giving the deal a green light, subject to one condition. The Australian Competition Tribunal (ACT) now says it will approve the merger if Tabcorp divests its Odyssey Gaming business in Queensland. The merger was thrown into chaos in July after the ACT had to review its original approval because of objections from the Australian Competition and Consumer Commission (ACCC) and online wagering firm CrownBet.
A merger between Australian gambling giants Tabcorp and Tatts is back on track after a tribunal on Friday approved the Aus$8.6 billion (US$6.5 billion) deal following a court-ordered review on competition concerns. The decision by the Australian Competition Tribunal (ACT) revives the long-planned push by Tabcorp and Tatts -- first announced in October last year -- to forge closer ties to try to cut costs and pursue opportunities globally. "The tribunal is satisfied in all the circumstances that the proposed merger would result, or would be likely to result, in such a benefit to the public that the acquisition should be allowed to occur," ACT said in a statement.
A healthy September quarter on the back of surging gaming revenue has not helped accelerate Tabcorp's stalled merger with Tatts Group. Tabcorp lifted first-quarter revenue 5.7 per cent to $578.8 million, after gaming services revenue surged 47.8 per cent to $41.4 million for the first quarter of 2018, chief executive David Attenborough said. Mr Attenborough told shareholders, at the company's AGM in Melbourne on Friday, that total wagering turnover for the three months to September 30 was up 3.5 per cent at $3.1 billion.
An Australian court Wednesday dealt a blow to a planned Aus$8.6 billion (US$6.9 billion) merger of gambling giants Tabcorp and Tatts, ordering a review of the deal following competition concerns. Tatts and Tabcorp have for years pursued the idea of closer ties to try to cut costs and pursue opportunities globally, and announced a merger plan last October. When the Australian Competition and Consumer Commission (ACCC) raised concern about the impact on Queensland state's gambling services, Tabcorp took the plan to the body that reviews ACCC decisions, the Australian Competition Tribunal, to try to sidestep the watchdog.
Australian gambling giants Tabcorp and Tatts were Tuesday given the green light by the competition tribunal to merge, paving the way for the creation of a betting powerhouse following months of uncertainty. The rival Australian-listed firms announced their plan to merge in October, but the proposal encountered several hurdles including questions raised by the Australian Competition and Consumer Commission about the impact on competition in Queensland state. The Australian Competition Tribunal -- which Tabcorp took the deal to in order to sidestep the watchdog -- gave it the go-ahead provided the firm sold its Queensland gaming business.
Australian gaming and lottery giant Tatts said on Wednesday it had received a revised multi-billion-dollar takeover offer from a consortium led by US private equity firm KKR, challenging a planned merger with rival Tabcorp. The Pacific Consortium -- consisting off Kohlberg Kravis Roberts, Macquarie Group, First State Superannuation Scheme and North Haven Infrastructure Partners -- made an all-cash bid of Aus$7.2 billion, a sweetened offer from last year's cash and scrip offer. Tatts had rejected the consortium's first proposal in December and said it was not superior to a tie-up with Tabcorp, which the firms have pursued for years in a bid to cut costs and chase opportunities globally.