Bookmaker giant William Hill have posted the H1 figures for the for the 26 weeks ended 2 July 2019, as they reveal a statutory loss before tax of £63.5m. This however, is in line with the company’s expectations and take into account the new maximum bet limit on Fixed Odds Betting Terminals, which came into force on 1st April earlier this year.
William Hill have also announced that they expect the full year accounts to be in line with previous guidance issued to shareholders and the London Stock Exchange.
Commenting on the half year results, Philip Bowcock, Chief Executive Officer of William Hill, stated: “We are making good progress against the five-year strategy we outlined last year, delivering strong revenue growth in the US and other international markets and positioning William Hill well for future growth.”
“We continue to expand rapidly in the US, both in Nevada and in the new states, with over $1bn wagered with us in the first half. We are now live in eight states and will expand into at least two more states in H2.”
“Online International revenues have grown strongly, up 66%, with the acquisition of Mr Green. We are becoming more diversified with non-UK markets now contributing a third of Online’s revenues, up from just 24% last year. In the UK, performance has improved through the half, up 7% in Q2, as we manage the tax and regulatory impacts.”
“In Retail we took the tough decision to announce a consultation process over the proposed closure of around 700 shops to protect the long-term future of the business following the introduction of the £2 stake limit. The response of our colleagues has been incredibly professional during this difficult time and I would like to thank each and every one of them for that.”
“Underpinning William Hill’s progress is our sustainability strategy and long-term ambition that nobody is harmed by gambling. The voluntary whistle-to-whistle ban has begun and we have, together with other leading operators, committed to a significant increase in funding for safer gambling measures, including for treatment. We continue to work on additional measures to protect our customers and lead the regulatory agenda.”
The share price in William Hill shares have risen at the time of writing, by 8.85p a share on yesterday’s closing price as a result of the company’s H1 figures being announced