UK’s William Hill 2013 Growth and Expansion

UK’s William Hill Attributes 2013 Revenue Growth to Online and International Expansion

William Hill (WH) one of UK’s leading bookmakers has all the reasons to celebrate its 80th anniversary with a big bang this year, as everything is coming up roses for the business. Based on the recently released 2013 financial reports, WH realized a full-year net profit of £1,486.5m.

Compared to the 2012 net income of £1,276.9m, the 2013 performance resulted to a significant increase of £209.6m, which is indicative of a revenue growth rate of 16%. The company attributes the increased profit to last year’s diversification and expansion initiatives of tapping the international market for online and mobile gambling, particularly in Australia, Italy and Spain.

Another significant contributor mentioned is William Hill’s US-based subsidiary, as the latter was able to achieve profitability during WH’s first full 12-month period of owning some of Nevada’s sports betting agencies. Still. WH-CEO Ralph Topping disclosed that Online and Australia activities account for half of the company’s operating profit or the pre-exceptional profit gained before deducting the interest, taxes and amortization of intangible assets. In fact, CEO Topping actually refers to Australia as the company’s second home market.

Although, the retail sector of its bookmaking operations is experiencing an ongoing squeeze, because of a notable trend in discretionary spending among WH’s core customer base, the Chief Exec of William Hill is proud of the resilience shown by the retail division. The latter still posted net revenue of £907.0m in 2013, up by as much as £69.1m when compared to its 2012 figure of £837.9m or a growth rate of about eight percent.

CEO Topping is confident that last year’s favorable results have placed the company in a comfortable position, while in anticipation of the Point of Consumption Tax imposition starting December 2014.

March 8, 2014 by : posted in Gambling News No Comments