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William Hill Releases First Half 2013 Report

UK based betting firm William Hill plc released its trading update for the first half of 2013, noting a boost in net revenues and operating profit.

Key financial indicator for the period ending July 2nd, 2013 were:

  • Net revenues up 20% to £751.6 million, with retail contributing £463.6 million toward that total

  • Operating profit up 8% to £181.4 million

  • Online gaming operations rose 18% due in part to a 44% jump in online sportsbook revenues

  • Share value in the publicly traded firm have risen by 70% over the past 12 months.

Other highlights in the trading update were:

  • Gained full control of rapidly growing online business through £424 million acquisition of 29% outstanding stake in William Hill Online - a joint venture with Playtech.

  • Balance sheet transformation with £373 million rights issue completed on 5 April 2013 and £375 million corporate bond issued on 5 June 2013.

  • Outstanding growth in online sportsbook net revenue, up over 44%, driving overall online net revenue growth up 18% and operating profit growth, up 16%.

  • Continued strong growth in mobile with mobile Sportsbook amounts wagered up 112% and mobile gaming net revenue up an outstanding 198%.

  • Strong over-the-counter (OTC) gross win margin growth driving growth in Retail net revenue. Operating profit down only £2.2 million despite an additional £5 million taxation charge following change to Machines Games Duty in February 2013.

  • Basic adjusted earnings per share +16% and dividend +16%.

  • Net debt increased to £821 million (2 January 2013: £339 million) with impact of acquisitions offset by £373 million rights issue

Commenting on the future of the company, William Hill CEO Ralph Topping said, “Looking forward, we are continuing to innovate and to invest, developing mobile gaming, rolling out the next generation gaming machine in the shops and with a clear plan for maximizing the value of our acquisitions for the long-term benefit of the business.

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