William Hill has reported solid results for its retail betting operations, with chief executive Ralph Topping describing it as a “resilient” segment of the business.
The bookmaker’s group net revenue for the 26 weeks to July 2 increased 20 per cent to £751m, with retail net revenue contributing £463.6m. Overall operating profit was up eight per cent to £181.4m.
Strong over-the-counter gross win margin helped to drive growth in retail revenue, although operating profit was down £2.2m following an additional £5m taxation charge resulting from the introduction of Machines Games Duty in February. The company’s online gaming business, driven by a 44 per cent increase in online sportsbook net revenue, reported revenue growth of 18 per cent to £233.9m.
“While online and mobile gambling have grown substantially, retail has continued to prove resilient, with net revenue growing, driven by both betting and gaming,” said Topping. “Profits have held up well even without a major football tournament and with the business being hit by additional tax. As the UK economy improves and consumers generally feel more confident, we remain confident retail will continue to prosper.
“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 maximising the value of our acquisitions for the long-term benefit of the business.”
