FTSE bookmaker William Hill Plc’s management details confidence in the company’s performance and prospects for the future, as group trading maintains expectations for the full year.
Publishing William Hill’s’ unaudited’ performance for the 17-week period up to October 29, 2019, with total company sales 1% higher than estimates for 2018.
Absorbing Mr Green’s assets, William Hill’s online net income grew by 26% with its gaming unit recording a 51% increase in net income.
Online sportsbook net revenue, however, recorded a slight 1 percent increase, and in addition to adjusting to Mr Green’s performance, William Hill’s online net revenue pro-forma would report an increase of 1 percent.
The FTSE bookmaker continues to invest in its digital business, improving customer experience and technology on the site. William Hill explains that Q4 will see the company launch new products for sportsbooks in Italy and Spain.
Ulrik Bengtsson, CEO of the William Hill Group, commented on his first trading update: “During my first months as CEO I have been focused on how we can improve our competitiveness whilst ensuring we continue to deliver on our strategic ambitions and I am pleased to confirm we remain on track to meet our full-year expectations”.
At retail level, William Hill continues to implement its’ remodelling strategy’ to mitigate the impacts of the reduction of FOBTs by the UK Triennial Review. Recording a similar 16 percent decrease in retail sales, William Hill maintains that the quality of the company is in line with expectations for 2019, experiencing a -39 percent fall in revenues from gaming in-store.
The Trading Period saw the governance of William Hill close 700 shops with governance taking decisive action to’ do it once and do it right.’
We have remodelled the UK retail estate, while the UK Online business has benefited from a series of customer-facing improvements evidenced in the stabilising market share in the last two quarters. In addition, we expect our International Online business to benefit from a number of important product improvements that will be delivered over the coming quarters.” Bengtsson adds.
The US division of William Hill continues to make strong progress with a net revenue increase of 60%, as the FTSE company continues its US growth momentum by launching new premises during the trading period in the regulated states of Indiana and Iowa.
“We undoubtedly have great people and a shared vision at William Hill. Our job now is to push on and do even better in terms of customer focus and execution.”
“In the US our business has gone from strength to strength. We have excellent market access, a valuable partnership with Eldorado and we are excited about the potential that is presented by the combination with Caesars.”