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Tabcorp Maintains Increasing Profit Forecast

Even after withdrawing its offer for Unitab, online gaminggiant Tabcorp Holdings maintains its forecast - total profits for 2006 will only increase.

Tabcorp Chief Executive Matthew Slatter reiterated the forecast it announced in February for the year to June 2006 - normalized earnings per share growth of between 2-4%.

According to Slatter, "Over the last 12 months we've probably seen a slight dampening in spending by consumers, but we remain reasonably confident about the environment".

He declined to divulge the specifics, but expressed confidence it would improve. Meanwhile, analysts are expecting EPS growth within the 7% range.

Earlier, Tabcorp announced that it had withdrawn its AU $1.9 billion bid for Unitab after the Australian Competition and Consumer Commission gave the firm's bid a thumbs down.

ACCC has reasoned that Tabcorp's proposed bid could only cut competition for future wagering licenses in Australia.

Tabcorp has decided against making an appeal before the ACCC, effectively paving a relatively clearer path for lottery operator, Tattersall's Ltd.

"We've pulled up stumps today. We're not going on with the bid," said Slatter.

Meanwhile, Standard and Poor's affirmed its 'BBB+' long-term corporate credit rating on Tabcorp and gave the firm a stable outlook after the bid withdrawal was announced.


30 January 2007
News Submitted by:
Jack Silverman

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