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STRONG 2010 RESULTS FROM WILL HILL
Posted 2/25/11 : Results come in at the top end of market expectations
UK bookmaker, William Hill PLC announced its final full year results for the period ending 28 December 2010 this week, noting that the results were at the top end of market expectations.
Key financial indicators included:
- Net revenue of GBP1071.8 million (2009: GBP997.9 million) and increase of 7 percent.
- Retail net revenue comprises GBP783.1 million (2009: GBP757.7 million), up 3 percent.
- Online net revenue shows a 24 percent increase and amounts to GBP251.5 million (2009: 203.5 million).
- Operating profit of GBP276.8 million (2009: GBP258.5 million), a 7 percent increase.
- Profit before tax increases by 60 percent to GBP193.3 million (2009: GBP120.9 million)
- Profit after tax indicates a 92 percent increase to GBP156 million (2009: GBP81.2 million)
- Strong William Hill Online results underpinned by outstanding Sportsbook growth
- In-play amounts wagered more than doubled with expansion of offering
- Improvements in trading approach deliver growth in Sportsbook and in-play gross win margin
- Successful roll-out of new 'Storm' gaming machines drives Retail net revenue growth
- Further balance sheet strengthening with debt reduction and extension of debt maturities
Ralph Topping, Chief Executive of William Hill, commented:
"This is a strong performance and I am delighted that, in particular, our Online business and the gaming machines in our shops have performed very well in the year. Our continuing investments in technology in what is a fast-changing industry have underpinned growth and the more than doubling of the amounts wagered from in-play this year demonstrates that customers welcome these innovations.
"We are continuing to expand our product offering to enhance the customer experience, particularly in Online. We are using our trading capability to deliver differentiating pricing and offers, and increasing the profile of our brand through continuing marketing investment. The combination of our fast-growing Online business and appealing Retail offering, together with the expertise of our employees and our attractive product range, give the Board great confidence as we pursue an agenda of innovation and international development."
Rival group Ladbrokes also delivered a strong performance last week, reporting a 20 percent rise in full year operating profit as new gambling machines and in-play betting proved popular
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
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