William Hill Online struggles in H1
As expected, some decreases in William Hill’s online performance stood out in its financial report for the 26 weeks to 28 June.
Online operating profit fell 33% year-on-year to £43.4m, while online net revenue dipped 3% to £277.2m and online gross profit was £215.2m, also down 3%.
Minor drops were reported for online sportsbook net revenue, down 1% to £139.9m, and online gaming net revenue, down 6% to £137.3m.
This comes after it was announced in July that James Henderson will be stepping down from the position of CEO, with chairman Gareth Davis commenting that Philip Bowcock’s top priority as interim CEO would be the “continued turnaround of the online business.”
It emerged later in the same month that 888 Holdings and Rank Group are considering the possibility of making a joint offer for Hills.
Whether Henderson’s impending departure has come about as a result of the H1 financials not being up to scratch are unclear, but what is clear is that online is in desperate need of improvement.
On a more positive note, total gross win from Euro 2016 was £36.1m, up from £10.2m for Euro 2012 and £12m higher than overall gross win of £24.1m for the H1 period.
Retail net revenue went up 4% to £467.2m and retail gross profit also rose by 4%, up to £350.8m.
Overall, group net revenue increased 1% to £814.4m, though profit before tax descended 20% to £109.3m and operating profit was £131.1m, down 16%.
On the marketing front, it was also announced today (Friday) that Hills will be the official betting partner of Chelsea FC in a three-year deal.
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