William Hill sees favourable trading

Bookmaker William Hill today hailed “excellent” trading after its retail arm performed well in the face of consumer uncertainty.

The group, which employs 16,000 people and has 2,350 betting offices, said retail underlying earnings rose 24% on net revenues 8% higher thanks to an increase in over-the-counter betting and from gaming machines.

It continues to see strong demand for its online gambling sites, with revenues in the business up 26% and underlying earnings 28% ahead on a year earlier.

Total group earnings lifted 21% – a result that came despite a poor Cheltenham Festival for bookies last month. Ladbrokes said last week it saw a £10.7m (€12m) drop in net revenues from the festival as more favourites came in.

Ralph Topping, chief executive of William Hill, said: “We have seen excellent growth across our business in the first quarter, enabling us to remain confident in our expectations for the full year.

“It is particularly pleasing that, alongside a continuing strong performance from William Hill Online, we have seen growth in both net revenue and operating profit in retail.”

Since the first quarter, William Hill said it enjoyed a good Grand National after the favourite failed to win.

Shares opened more than 6% higher today.