William Hill profits boom 89%

James Henderson – William Hill

William Hill released its unaudited Q3 interim management statement, the operator reports strong increases in Group net revenues (+23%) and operating profits (+89%).

The operator’s digital gaming divisions drove positive results, with online gaming operating profit up 126%. During the period William Hill saw net revenues increase 23%, with 116% growth from mobile wagering.

Strong digital performance, was supported by improved performance from its retail division, as the William Hill retail saw a 31% profit increase, driven by strong gross win margins and improved in-store gaming revenues.

William Hill management announced that it would continue to invest in its retail division, with the announcement of ‘Eclipse gaming machines’ set to roll out throughout its UK stores.

Senior management further underlined its focus to increase Group operations in international markets. William Hill reported improved wagering results in the US market with 21% growth, the operator further noted strong take up of mobile wagering in the US reporting 88% growth in mobile wagering.

James Henderson, Chief Executive Officer of William Hill, commented:

“The Group performed strongly in Q3 driven by both favourable sporting results and the continued development of our UK and international businesses. The period saw good gaming growth in both major channels and sports net revenue growth significantly boosted by a favourable year-on-year swing in win margin. Positive sporting results in the quarter, including a strong end to the World Cup, have moved us close to or ahead of normalised gross win margins on a year-to-date basis.

“Looking beyond the effect of these sporting results, the underlying performance across the Group is good. Online gaming continues to benefit from our investment in mobile and Sportsbook turnover growth remains healthy, with in-play turnover growth a particular feature, up 35% in Q3. In Retail, net revenue growth of 9% reflects a favourable sports margin, the benefit of the World Cup and a strengthening of machine gross win growth rates, despite the impact of 82 shop closures during the quarter.

“Our international businesses are performing well. The progress made to date in William Hill Australia is delivering strong profit growth. Our work to optimise the customer base, following the onset of increased race field fees, has improved the gross win margin, with slightly reduced amounts wagered, as expected. More importantly, we are well positioned to compete during the busy Spring Carnival period. The management team look forward to presenting the business at our capital markets day in Sydney on 22 October”

William Hill Q3 2014 Performance Overview

read more  :  www.sbcnews.co.uk

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