UK based gambling group William Hill plc has released its full year 2011 financial results today, with a strong emphasis being placed on the company's strong internet gambling performance.
Key financial indicators for the entire year ending December 31st were:
Positive performance with Group net revenue up 6% and pre-exceptional profit before tax up 9%
Basic, adjusted earnings per share in growth by 12% and dividend per share by 16%
William Hill Online delivered a second consecutive year of +20% net revenue growth and mobile innovations increased sportsbook bets by c500%
Online operations generated net revenues of £321.3 million, 28% up on 2010.
International expansion progressed with the launch of an Italian website and impending land-based sports betting acquisitions in the US
Net debt for covenant purposes reduced by £83 million to £416 million
Online sportsbook performance saw amounts wagered increase by 51%, and a 75% growth for in play betting
Online sportsbook win margin was 7.0%, which was in line with expectations
Sporsbook net revenue was up by 36%
Online gambling net revenue was up by 24%
Online costs were up 31% due to a boost in marketing investment as well as higher employee costs
Company operating profit was up 17% to £106.8 million
Commenting on his company's performance, William Hill plc Ralph Topping said: "This is a very positive performance, particularly in a year without a significant international football tournament and with a c£9 million increase in VAT payments as a result of the rate change. It reflects the underlying strength of the business and benefits from our innovations and investments."
"Our strategic focus continues to be on developing our products to enhance the customer experience, on broadening and strengthening our channels to maximize our customer reach and on developing the business internationally. In the last year, we have built on the momentum and success of 2010 by further expanding our Online offering through new mobile and text-betting channels and are continuing to invest in innovations to enhance the customer experience across all channels."
"We have great confidence that, as a multi-channel gambling company with a strong management team, we are well placed to leverage the advantages of the William Hill brand. We believe there are more opportunities to grow in our core market in the UK and also for the business to expand internationally beyond our traditional roots as more governments open up their regulated gambling markets."
"We will, therefore, seek to invest selectively in taking our brand and our capabilities beyond the UK over the coming years."