William Hill gallops ahead as its system proves a winner
Friday 19 April 2013
William Hill showed arch rival Ladbrokes a clean pair of heels today, reporting a boom in profits thanks to the success of its digital arm.
It also enjoyed its best Grand National ever although that came after the reporting period. Hills said revenue was up 15% in its first quarter while profit jumped 8%.
The quickly expanding online and mobile phone arm was again the star performer, with sums bet on the internet now higher than what the company takes over the counter in its High Street stores.
The news contrasts sharply with an announcement on Monday from Ladbrokes, which blamed bad results at Cheltenham and less spending from its high-rolling customers for a profit warning. Ladbrokes shares plunged 8% that day. William Hill today surged 19p, or 5%, to 409p, valuing the business at £3.5 billion.
Chief executive Ralph Topping is so confident about the future he thinks the company should be worth £5 billion before long. Analysts say Hill will reap even greater benefits from its online activities after spending £424 million to buy out its joint-venture partner Playtech. Topping said: “It has been a successful start to 2013 in trading terms, moving forward with our strategy, expanding into Australia and taking full control of William Hill Online.
“Having grown our UK online market share from 10% to 15% over the last four years, we aim to increase our share and are making significant investments in marketing, technology and people to achieve that.”
Alastair McCaig at IG Group said: “These impressive figures show there can be a sure thing at the bookies.With the release of these figures, it looks very much like William Hill has hit upon a winning formula.”
- 1 The black and blue dress: Makers considering a white and gold version
- 2 Husband and wife die holding hands within hours of each other after 67 years of marriage
- 3 What color is The Dress, white and gold or blue and black? An eyewitness gives a definitive answer
- 5 Fearne Cotton quits Radio 1 after ten years for 'family and new adventures'
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...