William Hill revenue growth slows but on target for year
BETTING giant William Hill yesterday said revenue growth slowed in the third quarter as the company came up against tough comparatives with last year’s football World Cup.
William Hill, which has 2,350 betting shops and takes more than a million bets a day, said net revenue grew by two per cent in the quarter and five per cent in the year to date.
Retail net revenue dropped by three per cent during the period and was flat in the year to date. Group operating profit was 22 per cent lower in the period, reflecting the impact of the World Cup and results in the football league that favoured the bookmaker.
In the year to date, operating profit is down three per cent. William Hill benefited, however, from a sharp rise in online revenue, which grew by 28 per cent in the quarter, driven by a number of product innovations and an increase in the number of in-play betting markets on offer.
“We have delivered a solid performance in quarter three, in spite of a highly competitive market place and a tough consumer environment,” chief executive Ralph Topping said.
The company said it remained on target for the full year.