William Hill release 2016 results

iam Hill has released its results for the full-year of 2016.

The Group reported a net revenue increase of 1% year-on-year to £1,603.8m, with an Adjusted operating profit of £261.5m in line with revised guidance. Adjusted EPS decreased by 10% from 2015 to 22.3p.

Along with a strong cash generation with an operating cash flow of £265.9m, the company’s balance sheet remains healthy with net debt for covenant purposes at 1.8x EBITDA. Full-year dividend maintained at 12.5p per share, reflecting the Group’s continued strong cash flow and the Board’s confidence in the company’s future growth.

Moving forward, the company have pledged to focus on growing its UK market share with increased investment in product, marketing and omni-channel, while continue international revenue growth and diversification.

The company has also planned to deliver two key projects to support growth and reinvestment: A transformation programme that will generate c£40m of capital to reinvest in product, marketing and technology; and a programme with OpenBet to create a global technology platform for the Group over three years.

William Hill’s Interim Chief Executive Officer Philip Bowcock comments: “2016 was a challenging year for William Hill, but one in which we made considerable operational progress, leaving us well-placed to drive the business forward in 2017.

“We have delivered extensive product, user experience and marketing improvements in Online, modernised our Retail management structure to focus more on the customer and continued to grow in our key international markets. There are now encouraging signs in all our divisions, in particular Online’s UK business, which is now delivering sustained growth.

“Looking forward, we want to keep improving the customer experience. This means making it both fast and easy, as well as enjoyable and personal, to bet with William Hill. To do this, we are expanding our product range, increasing our marketing investment and deploying our technology assets and expertise in key areas.

“At the same time, we expect our transformation programme to continue delivering important efficiency savings that we can reinvest to deliver an even better customer experience and faster growth.

“We have a clear strategy to take the business forward and grow market share in the UK, while expanding our revenues internationally.”