William Hill PLC, has released its final results for the 52 weeks ended December 29, 2020. The firm mentioned in the study that it has extended its nationwide footprint in the United States through industry-leading alliances, while retaining a strong market position and increasing net sales by 32 percent.
Good digital results offset plummeted profit elsewhere
William Hill posted a 16 percent drop in net sales to $1845.03 million (2019: $2203.65) during a difficult trading time. Due to disruptions in sports calendars, store and casino closures, adjusted operating profit plummeted 61 percent to $79.83 million, this was partly compensated by good results from digital platforms.
The VAT receipt of $283.94 million more than covered a store non-cash deficiency of $175.13 million and expenses of $98.1 million associated with the cash bid from Caesars Entertainment Inc., resulting in statutory earnings before tax of $71 million.
Strong end to year
Ulrik Bengtsson, CEO, said: “We began the year well and finished the year even stronger, highlighting the traction generated by our strategic focus on customer, team, execution. In what was an extraordinary year I am immensely proud of how the group has responded and the resilience we have seen in our performance. We prioritized the protection and safety of both our colleagues and our customers, and our employees went above and beyond for which I thank them.
“In 2020 we put our strategic plans firmly into action, diversifying our geographical footprint, expanding our team’s capabilities and rebuilding our technology. We are embedding proprietary components across the platform architecture and are delivering a constant flow of new features including faster product experience, improved navigation and greater protection to our customers around the world.”
Bengtsson turning his attention to international markets, including the United States and Latin America, he said: “We are delighted with our international online performance, where our investment in our product and technology is producing clear benefits, particularly in light of the regulatory headwinds in Germany and temporary restrictions elsewhere.
“We will continue to benefit from our agile marketing engine, and the recent agreement to acquire Alfabet S.A.S. in Colombia and our license in Argentina both offer further promising growth opportunities in Latin America.
“The US traded well into the year-end, concluding the year with 19 percent market share and delivering a profitable return. Our partnerships have ensured that brand awareness has risen, our product offering has expanded, and our end-to-end proprietary tech is facilitating rapid new state openings.”