William Hill profits boom despite 82 shop closures
Bookmaker William Hill has seen its operating profit soar 89 per cent in the third quarter, with favourable sporting results playing in the Group's favour. Group net revenue climbed 23 per cent.
Net revenue growth reached nine per cent reflecting the benefits of World Cup wagering and a favourable sports margin.
Furthermore, the bookies' investment in online appears to be paying off, with online operating profit rising 126 per cent.
James Henderson, Chief Executive Officer of William Hill, commented:
Positive sporting results in the quarter, including a strong end to the World Cup, have moved us close to or ahead of normalised gross win margins on a year-to-date basis.
Looking beyond the effect of these sporting results, the underlying performance across the Group is good. Online gaming continues to benefit from our investment in mobile and Sportsbook turnover growth remains healthy.
On the international scene, William Hill enjoyed net revenue growth in Australia of 17 per cent despite a three per cent fall in the amount of sports betting.
In a research note issued to investors on Monday analysts at Deutsche Bank reiterated their "buy" rating for the FSTE 100 company.