Tabcorp Holdings (ASX:TAH) fiscal first-half results were "messy," with continued adjustments for its demerger of the group's Lotteries and Keno businesses, transformation efforts, and the impact of the Victorian gaming license, according to a Thursday note by Jarden Research.

The company said Thursday that its significant items (after tax) of AU$3.2 million consist of transformation costs of AU$16.6 million, and demerger costs of AU$2.4 million, offset by AU$22.2 million of benefits from its VIC license.

TAH'S revenue for the first half of the fiscal year rose 10% year-on-year to AU$1.33 billion, surpassing Jarden's forecast of AU$1.29 billion.

Wagering and media revenue reached AU$1.24 billion, a growth of 11% year-on-year, exceeding Jarden's forecast of AU$1.21 billion.

Jarden believes that the segment benefited from a AU$36.4 million earnings before interest, taxes, depreciation, and amortization contribution from the Victorian license.

EBITDA for the division was AU$157 million, slightly below both Jarden's estimate of AU$158 million.

The investment firm has an overweight rating on Tabcorp and a price target of AU$0.65.

Shares of the company rose 4% at market close.