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William Hill Releases Latest Trading Update

UK betting giant William Hill has released its latest trading update for the full year 2012 as well as the 14 weeks from September 26th to January 1st, noting a solid performance by the group.

Key financial indicators for the full year were:

  • Group net revenue grew by 12% (52 week basis +10%) and operating profit was up 20% (52 week basis +18%)

  • Online net revenue grew by 27% (52 week basis +24%)

  • Retail net revenue grew by 6% (52 week basis +4%)

  • Operating profits of £330 million (52 week basis £326 million)

  • Group debt of £340 million

Internet group revenues were up 27%, the third straight year of higher than 20% growth. Internet sportsbetting grew 50% and had a gross win margin of 7.9%. The casino was up 14%.

Mobile betting turnover reached £20 million for the final week of the year.

Retail wise, OTC wagers fell by 1%, which is being attributed to race cancellations due to weather. OTC revenues were up 7%, and William Hill had a gross win margin of 18.2% for the year, which is higher than the normal 17-18% win rate.

Commenting on his company's performance, William Hill CEO Ralph Topping said: “Q4 delivered a strong end to an already good year in 2012. Performance was robust in Retail and profits continued to grow strongly in Online, with sporting results going in our favor in both channels."

"It was a pleasing end to an important year for William Hill, a year in which we have made substantial strategic progress. With both the acquisition of Sportingbet’s online business in Australia and the current Playtech call option process expected to conclude during early 2013, the group continues to enhance its already strong platform for the continued development of the business.”

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