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Tatts Group net profit falls 7.2 per cent

Lotteries and wagering company Tatts Group said its net profit for the 2016 financial year fell 7.2 percent to A$233.8 million ($179.7 million), down from A$252 million in 2015.

The results came under analyst estimates of A$266 million. Tatts said profits fell following the loss on the sale of UK-based Talarius and the repayment of the interest benefit to the State of Victoria after Tatts lost the Pokies compensation case in March.

The company posted total revenue up 4.4 percent to $A2.9 billion, along with strong lotteries, wagering and gaming performance in the year.

Digital lotteries sales were particularly strong, up 32.2 per cent, while wagering online rose 22.5 per cent. "It is really satisfying to see the digital initiatives we implemented over the last few years now driving strong sales outcomes," said Tatts chief executive Robbie Cooke.

Cooke also commented on the federal government’s plan to ban online in-play or “click to call” betting.

"We have been concerned for some time about the behaviour of a number of foreign and domestic operators using tricky means to circumvent, at the very least, the spirit of Australian laws," Cooke said.

Tatts Group has announced a final dividend of A$0.08 per share, payable on October 4, 2016.

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