William Hill first quarter: group rises on egaming surge
William Hill has published its first quarter 2010 key performance indicators, with group net revenue up 1% and EBIT up by 3% due largely to a surge in the bookmaker's egaming division.
WILLIAM Hill has published its first quarter 2010 key performance indicators, with group net revenue up 1% and earnings before interest and tax (EBIT) up by 3% due largely to a surge in the bookmaker’s egaming division.
Online was the key driver of growth, with net revenue in the period up by 25% compared to the first quarter of 2009.
This incorporated particularly strong performance in sports betting, with Hill’s Orbis-powered sportsbook platform and in-running product contributing to sports’ net revenue growth of 79%, due to both higher volume and an expanded margin of 8.1%, from 6.6% in the same period in 2009.
Casino and bingo also saw growth, up 11% and 53% respectively, although the bookmaker was unable to completely ward off the tough competition in poker, which saw net revenue fall 11%.
Online earning before interest and tax (EBIT) was £23.3m.
Chief executive Ralph Topping said: “I am satisfied with our performance this early in the year, with an improvement shown in overall retail turnover levels and good growth from William Hill Online in revenues, operating profit and new accounts.
“We have much to look forward to this summer with interest in the World Cup expected to be greater than ever. Kick-off times in South Africa are favourable for our UK and European customer base and we have experienced sustained growth in football betting since the last tournament.
“We continue to maintain a watchful eye on costs and are making significant investment in growing our international online business. I am confident that we are on track to achieve our objectives for this year.”
The group’s retail division saw gross win fall 3%, with continued growth from machine partially offsetting the over-the-counter (OTC) gross win decline of 11%.