WILL HILL SHOWS 22 PERCENT RISE IN REVENUE FOR Q3
21st October, 2010 at 14:57:37
Ongoing positive performance from online business and machines.
Online's operating profit for the third quarter was up 80% on last year, it said in an interim statement earlier today.
Net revenue for the William Hill Group was up 22% on the third quarter in 2009, with earnings before interest, tax, depreciation and amortisation (EBITDA) up 64%.
Retail net revenue grew 16% compared to the same period last year, mainly due to the World Cup.
Following successful results for the quarter, William Hill now expects to deliver operating profit around the top of the range of analyst forecasts.
The online sportsbook saw a 287% increase in net revenue from £6m in Q3 2009 to £23m in Q3 2010, but gaming net revenues fell by 2% due to the impact on casino of the French closure.
Looking forward to next year, the Group "remains cautious in its expectations" due to the "planned VAT increase", the "challenging economic environment" and the potential impact of the public expenditure budget cuts.
Ralph Topping , CEO of William Hill, said: "The Group has performed strongly in the quarter, even taking into account the weak prior year comparatives. We have seen an ongoing positive performance from our growing Online business and from machines which, when allied to a period of very favourable sports results, have driven strong net revenue performance. Whilst a number of macro-economic factors leave us cautious in our expectations for 2011, the Group is very well placed through the final quarter of 2010".
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