William Hill’s Q3 results boosted by digital performance
In an update to investors, William Hill posted its highly anticipated financial results for the third quarter of 2017.
The company’s governance was pleased with its digital performance, posting a 13% increase in online wagering, combined with a 6% net revenue rise.
Digital growth was further supported by a 3% net revenue uplift recorded by William Hill’s UK retail division, boasting a 17.6% gross win margin during the three-month period.
Whilst the operator’s US division posted double-digit net revenue game, the company’s Australian branch experienced a 2% net revenue decline.
William Hill Chief Executive Operator, Philip Bowcock commented: “We have delivered good financial and operational progress so far in the second half. Our online business has performed particularly well, with UK wagering 14% ahead of last year, in spite of the absence of a major football tournament, and an acceleration in gaming growth.
“Retail has benefited from a stronger gross win margin to deliver both Sportsbook and gaming net revenue growth. Internationally, our US business continues to deliver strong double-digit net revenue growth and Australia’s gross win margin has normalised relative to H1.”
Furthermore, the bookmaker detailed that its corporate performance is “in-line with expectations”, as it sets to deliver £40m in annualised cost efficiencies for group reinvestment.
“Overall, I am encouraged by the huge amount of progress the William Hill team has made this year in improving our customer proposition and delivering on our strategy. We remain on track to deliver on market expectations for 2017,” added Bowcock.
Also commenting on the impending results from the Triennial Review, Bowcock explained: “The Triennial Review has now moved into the second consultation stage and we look forward to receiving much needed clarity. We will contribute both directly and via the industry trade associations, emphasising the need for evidence-based decision making.
“Betting shops have a unique and positive role to play in supporting problem gamblers who typically, use five or six gambling products.”