Today William Hill PLC reported a strong first half performance in both its retail and online businesses, at the top end of market expectations. Innovations in mobile betting delivered over 600% net revenue growth and Sportsbook performance is driving robust Online growth (William Hill Online – WHO). The company states that International growth progresses with impending US acquisitions and the launch of a regulated website in Italy.
Ralph Topping, Chief Executive of William Hill, commented: "This is an especially strong set of results for William Hill in challenging economic conditions. The comparator period also included part of a World Cup that delivered a record result for us last year. I am pleased with both our Online performance, which has been driven by outstanding Sportsbook growth and innovations in our in-play and mobile offerings, and the strength of our Retail business, which continues to benefit from the popularity of machines and the resilience of over-the-counter betting. We have also made progress on our international growth strategy, both in Europe and through the three impending land-based sports-betting acquisitions we are currently pursuing in the US.”
Net revenue for the six months to 28 June 2011 was up 7% to £567.8 million, compared to the same period in 2010. Retail net revenue rose 2% but Online net revenue saw a jump of 23%, resulting in a post-tax profit up by 33% to £102.7 million and a 16% increase in dividend per share to 2.9p.
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William Hill now has over 2,350 LBOs in the UK and Republic of Ireland and growth in retail was allied to strong gaming machine growth with gross win per machine per week now over £900.
On the company’s outlook, Topping said, "Looking ahead, although the economic environment continues to be challenging, our offering is very strong and competitive. Our multi-channel business targets the widest possible audience, and our positioning on pricing and trading, together with our extensive product range and effective use of new technologies, including mobile, combine to present customers with a highly attractive experience. We are performing well and, given our market-leading position, international developments and a pipeline of innovations, we look to the second half of the year and beyond with confidence." (E-08.05.11)
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