William Hill revenues boosted by improved retail and online performances
British betting company William Hill saw net revenues grow in the first four months of 2019, driven by an improved showing from both its retail and online units.
FTSE 250
19,450.67
17:14 18/04/24
FTSE 350
4,334.00
17:14 18/04/24
FTSE All-Share
4,290.02
16:54 18/04/24
Travel & Leisure
7,512.73
17:14 18/04/24
William Hill
271.80p
09:58 22/04/21
William Hill witnessed group net revenue for the 17-week period improve 2% year-on-year, reflecting its "year of transition".
Online net revenues grew 8%, thanks to the contribution from the recently acquired Mr Green, which offset the annualised impact of enhanced customer due diligence measures and a strong margin in the comparative period.
William Hill's retail sportsbook saw net revenues increase 2%, with strong sports betting through the period being offset by a 15% decline in gaming revenues.
Across the pond, the FTSE 250 resident saw US total net revenues shoot up 48% from operations in all seven US states with currently legislated and regulated sports betting.
Looking forward, William Hill said its full-year outlook was in line with expectations.
Discussing the update, analysts at Shore Capital Markets said William Hill's first quarter of trading "was always going to be difficult", given the tough margin comparatives and year-on-year drag from customer measures put in place last year.
However, ShoreCap, which kept its 'buy' rating and 138p target price on William Hill unchanged, said it was "encouraging" to see full-year guidance reiterated.
As of 0930 BST, William Hill shares had gone down 0.69% to 137.35p.