| William Hill Release H1 2010 Results: World Cup Boosts Profits |
William Hill have released their H1 2010 results which show strong financial gains compared with last year. The group's disappointing horseracing activity was more than buoyed by strong online performance, retail gaming machines and one of the best World Cups in forty years.
For the first six months of this year, period end June 29, William Hill group saw total net revenues increase by around 3% yoy. This was in spite of their decreased horseracing activity in Q2, which saw them experience a disappointing Grand National and a loss on Royal Ascot. They greatly profited from a fantastic World Cup and very strong online performance.
William Hill Online (WHO) experienced total net revenue growth of around 24% yoy and their operating profit saw nearly double that growth (+43% yoy). Both of these positive results were greatly influenced by William Hill's online sportsbook division, which saw yoy turnover increase by a very healthy 59%, due to increased customer use and over 13% higher gross win margins compared to H1 2009 (from 6.8% to 7.7%).
Gaming machines made a strong showing, probably due to the 'Storm' machines being rolled out across their retail estate.
Chief Executive, Ralph Topping, commented: “Whilst it was our worst ever Royal Ascot, with a loss on the meeting, the World Cup proved to be one of the best for bookmakers in 40 years.”
He added: “Overall, we have seen a good Group performance in the period, with a particularly strong contribution from William Hill Online.”
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