William Hill reports strong first-half results driven by online growth
The British bookmaker yesterday reported a strong set of first-half group results which showed a 23% year-on-year increase in pre-tax profits to £126.9 million (€146.1m).
Net revenue for the six months to the end of June amounted to ÂŁ567.8m; a 7% increase on the same period last year. Operating profit was up 9% to ÂŁ147.7m and earnings per share grew by 34% to 12.3p.
The company also announced a 16% year-on-year increase in its first-half dividend for shareholders, to 2.9p per share.
Group chief executive, Ralph Topping, said: “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.
“Looking ahead, although the economic environment continues to be challenging, our offering is very strong and competitive.”
The main driver of William Hill’s strong first-half showing was its online operations — and that’s where the company has been finding success in Ireland. Net revenue from its web-based offering, overall, was up by 23% to £152.7m for the period. Conversely, revenue growth from its retail/high street arm was only up 2% to £398.8m.
A spokesperson for the company said the first-half of the year saw “very strong growth” for the online division here.
The company recently launched a dedicated website specifically for its Irish customers. It is due to add several new developments to the Irish website in the coming months, including bingo and poker offerings.
On a retail basis here, William Hill is still experiencing the effects of “very difficult economic conditions” and continues to monitor its shop portfolio on a store-to-store basis.
It closed another 20 outlets in the Republic last year (it currently has 15 here and 37 in the North) and now only employs 75 people on the ground here.
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