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William Hill - European Championship provides some respite

William Hill have this morning released interim results for the period to 30 June 2016.

The group remain on track to meet the revised full year operating profit guidance of £260m-280m, which was lowered in March.

Net revenue nudged up 1% to £814.4m, but operating profits are down by 16% to £131.1m, following another poor performance from the online division.

A strong European Championships generated a total £36m gross win for William Hill, which has mitigated the impact of a loss-making Cheltenham festival.

Improvements such as ‘Cash In My Bet’ have been introduced, and the user experience of the mobile website and app has recently been refreshed.

The interim dividend is maintained at 4.1p per share.

George Salmon, Equity Analyst, Hargreaves Lansdown:

“William Hill probably raised a glass or two of Madeira to Ronaldo and his team-mates after Portugal’s surprise victory at the Euros. The £36 million gross win from the Championships as a whole was a timely boost to the ailing bookie, who have disappointed the market in recent months as the online business continues to struggle.

Tackling this issue is top of the to-do-list for the interim boss, Philip Bowcock, with other priorities including arresting the decline in the Australian business. In the short-term, investors are awaiting developments with the potential tie-up with 888 and Rank Group, although their initial approach was met with a frosty response from William Hill.”


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