William Hill Benefit From Knockout Results at 2010 World Cup
UK Bookmaker William Hill today announced interim results for 2010 that showed exactly how important results from this summers World Cup in South Africa had been to the group .
Ralph Topping, Chief Executive of William Hill, commented:
"We had our best ever World Cup, far exceeding expectations."
William Hill generated gross win of £32.2M from the 2010 World Cup of which £19.3M was credited to the interim period. This gave a much needed boost to the company’s retail business which has struggled as stake per slip has continued to decline . Over The Counter turnover in William Hill’s estate of betting shops fell by 2% during the period , however this was largely offset by a 9% increase in turnover from gaming machines .
William Hill’s online operation performed much better with operating profit increasing 43% to £44.9M . Much of this increase could be attributed to a 1% increase in margin in the sportsbook again benefitting in particular from a strong World Cup 2010 performance .
William Hill remain cautious overall in their outlook for the retail division in the second half of 2010 and during 2011 as ongoing consumer uncertainty continues to affect demand .
In trading this morning William hill shares were down almost 1% at 165.70 .