Live blog: William Hill H1 2019 financial results

How is William Hill’s share price doing now?

Investor presentation now over

Stay tuned for more news from William Hill’s H1 results throughout the morning

Now question time for analysts

Synergies between UK and US retail? Prior: We’re trying to align front-ends of retail estate in the UK with the US

Potential for US media partnership? Bowcock: We don’t  belive this is about going out and finding a different brand. This is about the database and access to media channels

UK and international future growth? Bowcock: There is a a lot of work going on around affordability in the UK, including behavioural analytics. UK market is growing at mid-single digits and will continue into next year as well. We should be looking for double-digit growth from international business

Online casino plans? Bowcock: Technolgoy stack has been built to plug in a casino. That will be forthcoming

William Hill’s US business

Bowcock: William Hill now exploring US media partnerships

Bowcock: New proprietary tech will enable the operator to deploy quickly across various states. DGE in final sign off stage and will be up and running in time for new NFL season

International online

Bowcock: In recent years William Hill’s international markets had to take a back seat to the UK. Spain and Italy are still sitting on old Playtech/Mobenga – will move to proprietary tech from H2 2019 onwards

Bowcock: Trends in UK market show why it is so important to diversify the business

Philip Bowcock now back on stage to give an overview of William Hill’s strategy

Lessons to learn from FOBTs: address the issues driving public concern and increase collaboration across the industry

William Hill is a grown up betting brand known for its integrity

Regulus Partners gives its take on Hills’ results this morning

“WH has demonstrated that the B2 ban is a controllable (if painful) problem and has acted decisively to move on. Significantly enhanced social responsibility capabilities are also improving sustainability at a manageable short term cost. However, political regulatory pressure in core markets has not gone away, while WH’s international exposure (ex US) is relatively challenging from both a growth and regulatory standpoint, in our view (Nordics, NL; operational underperformance in ES and IT).

This puts WH in a difficult strategic position, in our view: enough positivity to plough on, but not necessarily a strong enough strategic, regulatory or operational tailwind to deliver transformational growth. Increasingly commentators are asking what will happen to a once great name in sports betting – the answer may be not much….”

William Hill guidance for the year

Prior on the operator’s US business

Launching in Iowa and Indiana in the coming weeks

Market share in US is currently 27% against long-term aim of 15%

Hills is the number one non-fantasy brand in New Jersey. Market share for digital was 10% ahead of launch of new proprietary tech platform and without a media partnership

69% of Nevada wagering is now on mobile

CFO Ruth Prior provides a financial overview

Expect Mr Green to deliver strong growth – Sweden trends are now more encouraging. International business will benefit from new Malta team and increased product investment

Mr Green (derives more than 90% of revenues from gaming) has traded strongly so far this year, with the exception of Sweden

“Overall message: We are where we expected to be”

CEO Philip Bowcock starts by giving an overview of Hills’ performance

Bowcock describes it as being a “year of transition”. William Hill now moving towards being a business which is more digital, international and more sustainable.

Making real progress at rebuilding public trust but still much more to do.

Investor presentation now about to start…

https://twitter.com/gamblinglamb/status/1159735118279446528

How have the markets reacted to the results?

Source: London Stock Exchange

William Hill Online H1 revenues (on a statutory basis)

The results are in…

William Hill has just posted its H1 2019 financial results. EGR story here and investor presentation coming up at 9.30 am BST.