William Hill revenue drops 32% year-on-year despite recent recovery
William Hill has reported a revenue drop of 32% year-on-year for the first 23 weeks of 2020 to 9 June, due to the coronavirus pandemic, but has seen an online recovery in recent weeks.
The operator’s overall online performance remained strong throughout the year, with online group total net revenue increasing 16%, in the first 10 weeks of 2020.
However, the impact of the suspension of live sport saw online revenue fall 21% from weeks 11-17.
But since the gradual return of major sport, starting with the German Bundesliga on 16 May, online net revenue has fallen just 3% compared in weeks 18-23.
However, like-for-like retail net revenue, which excludes the shops permanently closed due to the fixed-odds betting terminal fallout, fell 85% in weeks 11-17, and 100% from 18-23.
In terms of the overall group, total net revenue fell 50% in weeks 18-23, slightly less than the 57% drop recorded in weeks 11-17.
William Hill pointed to revenue improvement in the six weeks to 9 June, since the resumption of horseracing and the Bundesliga.
The operator also said its mitigation strategies have reduced costs and retained liquidity, which is in excess of £500m ($627m), and its future outlook remained optimistic with the return of the English Premier League.
William Hill CEO Ulrik Bengtsson said: “The return of sporting events has driven a strong recovery in our online volumes.
“Our UK Online business is in a better place than ever and our international business is displaying solid growth.”
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