William Hill revenues up 7% in full-year 2017
International sportsbook operator William Hill has reported a 7% year-on-year increase in its revenue for the full -year 2017.
In its financial report for the last year, the bookmaker reported revenues of £1.71bn for 2017, beating the £1.6bn reported during 2016. The company’s adjusted operating profits also rose year-on-year by 11%, from a 2016 total of £261.5m to a 2017 high of £291.3m.
However William Hill’s statutory profits before interest and taxation fell sharply from the £225.6m profit amount reported during 2016 to a loss of £43.7m in 2017.
William Hill attributed these rises to the growth in both its online and retail businesses, citing double-digit growth in its sports book, net gaming revenue and technology led improvements in its shops as key drivers of these spikes in revenue.
The company also confirmed that its net revenue from its US operations grew by 29% year-on-year while adjusted operating profit also reporting a similar rise of 24%. William Hill also confirmed that it was making investments in readiness for any Supreme Court decision on PASPA, which should be revealed before the end of 2018.
In a statement, Philip Bowcock, Chief Executive Officer of William Hill said: “William Hill begins 2018 in a stronger position after a year of significant change for the business. We continue to gain ground in the UK where customers are responding to our improved Online and omni-channel offers. We are a leader in sports betting in the US and are well positioned to benefit should more states start to regulate if the pending Supreme Court decision is positive.”
William Hill’s financial results for 2017 come in the same week that the company was fined £6.2m by the Gambling Commission over systemic failures in its social responsibility and anti-money laundering policies following a 18 month long investigation by the commission.
While not directly addressing the week’s developments, Bowcock was keen to highlight a shift in strategy for William Hill, adding: “A key pillar of our strategy moving forward will be to act in a sustainable way. While it is imperative that the gambling sector as a whole embraces this, there is no doubt that leading brands like William Hill must play a key role in setting the right standards and taking greater account of all our stakeholders. In the months ahead we will be taking a number of steps as a matter of urgency to ensure that we embed this approach in our business for the long term.
“Having transformed many areas of the business, momentum continues to build and the significantly strengthened leadership team is focused on delivering on the exciting growth opportunities that lie ahead of us.”
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