Corporate By William Hill PLC

William Hill PLC - Interim Results

Strong first half performance with profit growth in Retail and Online

William Hill PLC (LSE: WMH) (William Hill or the Group) announces its interim results for the 26 weeks ended 28 June 2011 (the period). The comparator period is the 26 weeks ended 29 June 2010.


26 weeks ended
28 June 2011 (£m)

26 weeks ended
29 June 2010 (£m)

Change vs
2010 (%)

Net revenue




- Online net revenue




- Retail 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 £1.8m (2010: £1.8m) of Online amortisation relating to trade names, affiliate relationships and non-competition agreements.
(2) Basic EPS is based on an average of 698.3 million shares for 2011 and an average of 697.8 million shares for 2010.
(3) Adjusted EPS is stated before exceptional items and £1.8m (2010: £1.8m) of Online amortisation related to intangible assets.


  • Strong first half performance at the top end of market expectations
  • Sportsbook performance driving robust Online growth
  • Doubling of in-play amounts staked
  • Innovations in mobile betting deliver over 600% net revenue growth
  • Slips and stakes growth in Retail OTC allied to strong gaming machine growth with gross win per machine per week now over £900 across an estate of more than 2,350 shops
  • International growth progresses with impending US acquisitions and launch of regulated website in Italy
  • Good cash generation reducing net debt (for covenant purposes) by £39.3m since 2010 year-end
  • 16% increase in dividend, ahead of Operating profit(1) growth

Ralph Topping, Chief Executive of William Hill, commented:

"This is an especially strong set of results for William Hill in challenging economic conditions. The comparator period also included part of a World Cup that delivered a record result for us last year. I am pleased with both our Online performance, which has been driven by outstanding Sportsbook growth and innovations in our in-play and mobile offerings, and the strength of our Retail business, which continues to benefit from the popularity of machines and the resilience of over-the-counter betting. We have also made progress on our international growth strategy, both in Europe and through the three impending land-based sports-betting acquisitions we are currently pursuing in the US.

"Looking ahead, although the economic environment continues to be challenging, our offering is very strong and competitive. Our multi-channel business targets the widest possible audience, and our positioning on pricing and trading, together with our extensive product range and effective use of new technologies, including mobile, combine to present customers with a highly attractive experience. We are performing well and, given our market-leading position, international developments and a pipeline of innovations, we look to the second half of the year and beyond with confidence."

Analyst and investor presentation
9.00 a.m. BST
The Lincoln Centre
18 Lincoln‘s Inn Fields
London WC2A 3ED
Live conference call:
Tel: +44 (0) 20 8817 9301
Passcode: 5285700
Archive conference call
(until 19 August 2011)
Tel: +44 (0) 20 7769 6425
Passcode: 5285700#
Video webcast:
Available live and, until
5 August 2012,
as an archive

A separate conference call will be held at 11.00 am BST for debt analysts and investors. Dial-in details are:

Telephone: +44 (0) 20 8817 9301
Passcode: 5285708

Archive of the debt call:
Telephone: +44 (0)20 7769 6425
Passcode: 5285708#

William Hill PLC Ralph Topping, Chief Executive
Neil Cooper, Group Finance Director
Lyndsay Wright, Director of IR
On 5 August: +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 15,000 people. It is the UK's largest bookmaker by number of licensed betting offices (LBOs) and also operates in the Republic of 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.

See Full Press release