|Despite its ongoing dispute with Queensland's UNiTAB Ltd for control of NSW-based Tab, Tabcorp Holdings Ltd has announced it expects profit for 2003/04 to be 20-25% up on last year. This Thursday, Tabcorp reported a net profit for the first half of the current financial year of $155.4 million, up 18 per cent. Managing director and chief executive officer Matthew Slatter added that following the proposed merger with Queensland based gaming group Jupiters, profit would continue to rise at an even greater rate. |
'The second half of the financial year has started well, with a highlight being continued improvement in revenue growth achieved by the gaming division which is up 6.6 per cent on comparative pro-forma basis for the period from 1 January 2004 to 14 February 2004,' Mr Slatter said. “The Jupiters merger has been successfully managed and is ahead of schedule and financial forecasts, reaffirming the company's ability to manage mergers and create valuable synergies and efficiency gains for the benefit of our shareholders.'
Mr Slatter also said Tabcorp continued to monitor developments in relation to Tab Ltd. Tabcorp’s designs on Tab Ltd were trumped recently by UNITAB’s $2 billion AUS merger proposal.