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William Hill - European Championship provides some respite

Laith Khalaf | 5 August 2016 | A A A

You’re about to read press releases, which we’ve written for media use only. They’re not intended for individual investors. They’re not personal advice and don’t include any recommendations.

No recommendation

You’re about to read press releases, which we’ve written for media use only. They’re not intended for individual investors. They’re not personal advice and don’t include any recommendations.

Media contact:

Laith Khalaf

Senior Analyst

Direct Line: 0117 980 9866

Mobile: 07977570820

Email: laith.khalaf@hl.co.uk

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.”

NOTES TO EDITORS

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Hargreaves Lansdown is equipped with a live in-house broadcast camera via the Globelynx network and has an ISDN line available for radio interviews - 0117 934 9006. To arrange an interview with a Hargreaves Lansdown spokesperson please contact the person you wish to speak to directly using the contact details above, or call Globelynx on 0207 963 7060 or email globelynx@globelynx.com.


You’re about to read press releases, which we’ve written for media use only. They’re not intended for individual investors. They’re not personal advice and don’t include any recommendations.