William Hill's full year profits set to be at top end of targets, says boss

Betting giant William Hill said full-year profits would be at the top end of its target as plans to turn around its struggling online business began to bear fruit.
By The Newsroom
Published 14th Nov 2016, 09:30 BST
Updated 16th Nov 2016, 16:08 BST
Library photo of a William Hill betting shop Photo: John Stillwell/PA WireLibrary photo of a William Hill betting shop Photo: John Stillwell/PA Wire
Library photo of a William Hill betting shop Photo: John Stillwell/PA Wire

Total net revenues rose 6% in the four months to October 25, driven by a 4% jump in digital revenues following a stronger performance from its mobile Sportsbook and more favourable football results. But while gaming machine revenues rose 6% over the period, retail revenues were flat and over-the-counter revenues dropped 6%. The firm said it had earmarked £30 million worth of savings for next year, which it plans to drive back into its online business.

It added that it now expects full-year operating profit to come in at the higher end of its £260 million to £280 million range.

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Philip Bowcock, interim chief executive, said: “Online has returned to wagering growth in the UK following significant enhancements to our mobile Sportsbook in second quarter and we are making good progress on the gaming and user experience improvements in second half, further helped by the Grand Parade team we acquired in August. Looking forward, we remain on track to deliver 2016 operating profit at the top end of our guided range.”