William Hill Releases Positive Trading Report for First 17 Weeks of 2017
William Hill have released a trading statement covering the first 17 weeks of 2017. Despite a turbulent period there are some good figures including group revenue that rose 9% from the same period last year. A disappointing aspect was the core retail business that recorded a 1% year-on-year increase only.
Online net revenues were up 16% after product improvements were implemented. Online growth is key for William Hill who have been criticized for poor performance in the past in this vital sector. They have had their hands full playing catch up with rivals who well outperform them in online and mobile sectors.
Having confirmed their interim CEO Philip Bowcock as their CEO William Hill is looking for stability at management level that will keep investors happy. Gaming revenues were up 8% and sportsbook increased by 26%. Revenues in the U.S. were up 19% and in Australia 41%.
CEO Philip Bowcock commented on the positive results. He said,” It has been a positive start to the year for William Hill across the board. Our online business continues to deliver growth thanks to the improvements in product, user experience and marketing we have made. Retail is also seeing positive trends while our key international markets continue to perform well with double-digit wagering growth.”
He told analysts that William Hill would implement omnichannel across all retail and online by the end of 2017. He added,” Overall, we are in line with market expectations for 2017 and were on course to deliver £40m of savings by end of the year.