Corporate By William Hill PLC

2010 Final Results

Strong 2010 result led by William Hill Online and excellent machines performance

William Hill PLC (LSE: WMH) (William Hill or the Group) announces its final results for the 52 weeks ended 28 December 2010 (the period). The comparator period is the 52 weeks ended 29 December 2009.


52 weeks ended
28 Dec 2010 (£m)

52 weeks ended
29 Dec 2009 (£m)

Change vs
2009 (%)

Net revenue




- Retail net revenue




- Online net revenue




Operating profit(1)




Profit before tax




Profit after tax




Earnings per share – basic, adjusted(2)(3)




Earnings per share – basic(2)




Dividend per share




(1) Operating profit is defined as pre-exceptional profit including associates and excluding interest, tax and £3.6m (2009: £5.5m) of Online amortisation relating to trade names, affiliate relationships and non-competition agreements
(2) EPS is based on an average of 697.9 million shares for 2010 and an average of 641.3 million shares for 2009
(3) Adjusted EPS is stated before exceptional items and £3.6m (2009: £5.5m) amortisation related to the intangible assets in William Hill Online

Key points:

  • 2010 out-turn at the top end of market expectations
  • Strong William Hill Online results underpinned by outstanding Sportsbook growth
  • In-play amounts wagered more than doubled with expansion of offering
  • Improvements in trading approach deliver growth in Sportsbook and in-play gross win margin
  • Successful roll-out of new 'Storm' gaming machines drives Retail net revenue growth
  • Further balance sheet strengthening with debt reduction and extension of debt maturities

Ralph Topping, Chief Executive of William Hill, commented:

"This is a strong performance and I am delighted that, in particular, our Online business and the gaming machines in our shops have performed very well in the year. Our continuing investments in technology in what is a fast-changing industry have underpinned growth and the more than doubling of the amounts wagered from in-play this year demonstrates that customers welcome these innovations.

“We are continuing to expand our product offering to enhance the customer experience, particularly in Online. We are using our trading capability to deliver differentiating pricing and offers, and increasing the profile of our brand through continuing marketing investment. The combination of our fast-growing Online business and appealing Retail offering, together with the expertise of our employees and our attractive product range, give the Board great confidence as we pursue an agenda of innovation and international development.”

Analyst and investor presentation
11.00 a.m. GMT
The Lincoln Centre
18 Lincoln's Inn Fields
London WC2A 3ED
Live conference call:
Tel: 0845 634 0041
Int'l: +44 (0) 20 8817 9301
Passcode: 4341330
Archive conference call (until 4 March 2011)
Tel: +44 (0) 20 7769 6425
Passcode: 4341330#
Video webcast:
Available live and, until 25 February 2012, as an archive

A separate conference call will be held at 1.00 pm GMT for debt analysts and investors. Dial-in details are:

UK telephone: 0845 634 0041
International: +44 (0)20 8817 9301
Passcode: 4341346

Archive of the debt call:
Telephone: +44 (0)20 7769 6425
Passcode: 4341346#

William Hill PLC Ralph Topping, Chief Executive
Neil Cooper, Group Finance Director
Lyndsay Wright, Director of IR

On 25 February: +44 (0) 20 7404 5959
Thereafter: +44 (0) 20 8918 3614
Brunswick Simon Sporborg
Justine McIlroy
Tel: +44 (0) 20 7404 5959

Notes to editors

William Hill is one of the UK's leading betting and gaming companies and employs more than 16,000 people. It is the UK's largest bookmaker by number of licensed betting offices (LBOs) and also operates in Ireland. The Group has over 2,350 LBOs that provide betting opportunities on a wide range of sporting and non-sporting events and, in the UK, offer gaming machines. The Group's online business, William Hill Online, is one of the leading European online betting and gaming businesses by profitability, providing sports betting, casino games, poker, bingo, numbers betting and skill games.

Cautionary note regarding forward-looking statements

These results include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "plans", "goal", "target", "aim", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout these results and the information incorporated by reference into these results and include statements regarding the intentions, beliefs or current expectations of the directors, William Hill or the Group concerning, amongst other things, the results of operations, financial condition, liquidity, prospects, growth, strategies and dividend policy of William Hill and the industry in which it operates.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond William Hill's ability to control or predict. Forward-looking statements are not guarantees of future performance. The Group's actual results of operations, financial condition, liquidity, dividend policy and the development of the industry in which it operates may differ materially from the impression created by the forward-looking statements contained in these results and/or the information incorporated by reference into these results. In addition, even if the results of operations, financial condition, liquidity and dividend policy of the Group and the development of the industry in which it operates, are consistent with the forward-looking statements contained in these results and/or the information incorporated by reference into these results, those results or developments may not be indicative of results or developments in subsequent periods.

Other than in accordance with its legal or regulatory obligations (including under the Listing Rules, the Disclosure and Transparency Rules and the Prospectus Rules), William Hill does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.

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