Australia's Tattersall's H1 net profit jumps 39.5 pct after UNiTAB merger |
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Published
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Thu, 22 Feb 2007 03:53
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SYDNEY (XFN-ASIA) - Tattersall's Ltd said first half net profit jumped 39.5 pct year-on-year to 107.7 mln aud as it reaped the benefits of its merger with UNiTAB Holdings Ltd to form a 5.5 bln aud gaming group.Tattersall's, Australia's largest lottery operator, said the integration of UNiTAB has outperformed expectations with costs saving expected to be greater than previously anticipated and delivered ahead of schedule.It raised its forecast of expected cost savings from the merger to 15-17 mln aud in the year to June 2007, and 30 mln in fiscal 2008 from a previous forecast cost reduction of 20 mln over the two years.Tattersall's said the merger has resulted in on-going margin improvement.The results also included the first full period contribution from the acquisition of Bytecraft, which provides installation and maintenance service for lottery terminals and gaming machines.Tattersall's, which has gambling interests in the UK and South Africa, said it is actively pursuing further acquisition opportunities.Shareholders will receive an interim dividend of 0.08 aud a share. The previous interim payment of 0.0875 aud was for a seven month period.(1 usd = 1.26 aud)bruce.hextall@xfn.com
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