UK bookmaker William Hill is celebrating modest growth across all four of its divisions in the first half of 2017, although profits failed to keep pace with revenue.
Figures released Wednesday show Hills’ overall revenue rising 3% year-on-year to £837m in the 26 weeks ending June 27, while adjusted operating profit dipped 1% to £129.5m and pre-tax profits slipped 7% to £93.5m.
While Hills CEO Philip Bowcock was keen to point out that the revenue gains came despite the previous comparable period containing the bulk of the Euro 2016 football tournament, the profit shortfall is all the more alarming given that the company says it remains on track to reap £40m in savings this year via “marketing efficiencies” and “substantial” cuts in external spending after renegotiating certain contracts.
Overall online revenue was up 5% to £290m. Sports betting revenue fell 1% to £139m despite an 11% bump in betting turnover and free bet offers rising more than one-third. Gaming revenue rode to the rescue, rising 10% to £151m. Mobile channels accounted for 81% of sports revenue (+11 points) and 61% of gaming (+10).
