William Hill praises online, retail growth as revenue rises

William Hill has reported a 7% year-on-year increase in revenue for 2017, citing growth across both its online and retail divisions.

Net revenue in the 12 months through to December 31, 2017, came in at £1.71bn (€1.94bn/$2.39bn), compared to £1.60bn in the previous year.

William Hill said both its online and retail businesses are growing at or above market growth rates, with online boosted by double-digit growth in sportsbook and gaming net revenue.

Adjusted operating profit, which is profit before interest and tax, excluding exceptional items and other defined adjustments, was also up 11% from £261.5m in 2016 to £291.3m.

However, statutory profit before interest and tax dropped from £225.6m in 2016 to a loss of £43.7m in the past 12 months.

Statutory profit before tax fell from £181.3m to a loss of £74.5m, but adjusted profit before tax was up 19% year-on-year to £254.9m.

Dividend per share at year-end was 13.2 pence, up 6% on 12.5 pence at the same point in 2017.

Philip Bowcock, chief executive of William Hill, said: “William Hill begins 2018 in a stronger position after a year of significant change for the business.

“We continue to gain ground in the UK where customers are responding to our improved online and omni-channel offers.

“We are a leader in sports betting in the US and are well positioned to benefit should more states start to regulate if the pending Supreme Court decision is positive.

“Looking ahead, we will invest in more innovation in online and our omni-channel platform, as well as in the US to ensure we can unlock its full potential at the right moment.

“Having transformed many areas of the business, momentum continues to build and the significantly strengthened leadership team is focused on delivering on the exciting growth opportunities that lie ahead of us.”

Related article: William Hill fined £6.2m over protection failures