Investors Welcome Lottery Corp Maiden Dividend
SYDNEY, Australia (March 23, 2023) — Tabcorp’s spin-off Lottery Corp’s shares jumped nearly 5 per cent when shareholders learned they will pocket a hefty dividend despite the firm posting a 13 per cent lower profit.
The company declared a maiden 8¢ interim dividend plus a 1¢ special dividend in its interim results and lifted its dividend payout ratio target to 80-100 per cent of full-year net profit after tax before significant items.
It is the company’s second result since it was spun out from Tabcorp in May, freeing The Lottery Corporation from the baggage of an underperforming wagering business buckling under the weight of nimbler online rivals.
Its market capitalisation reached $11.3 billion as the stock added 4.84 per cent to $5.10.
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.
