24th of October 2010 Author: Glo Wood
Yet another proof of boost in online business and machines
It was stated on Oct. 21, that for William Hill Online, the third trimester resulted in operating profit 80% higher than last year. In the third quarter of 2009, the William Hill Group noted a 22% net growth, whereas their gross revenue (before interest, tax, depreciation and amortisation (EBITDA) were deducted), was up 64%.
In comparison with the same period last year, there has been a 16% increase in retail net revenue, which is considered to be caused mostly by the World Cup. Having this successful trimester in mind, the company hopes to be able to reach the peak of the scale forecast by the analysts.
In terms of their sportsbook net revenues, there was a boost from £6m in the third quarter of 2009 to £23m in the same period in 2010, which is about 287% growth. However, they experienced a 2% drop in the gaming net revenues, presumably because of the effect on casino of the French closure.
Even though the group is quite hopeful about the next year's results, it still "remains cautious in its expectations" due to the "planned VAT increase", the "challenging economic environment" and awareness of the possible effects of the budget cuts in the domain of public expenditure.
In relation to this, William Hill CEO Ralph Topping stated that 'The Group has performed strongly in the quarter, even taking into account the weak prior year comparatives. We have seen an ongoing positive performance from our growing Online business and from machines which, when allied to a period of very favourable sports results, have driven strong net revenue performance. Whilst a number of macro-economic factors leave us cautious in our expectations for 2011, the Group is very well placed through the final quarter of 2010.'
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