A Year of Change Ends in Revenue Rise for William Hill
After the year of significant changes, William Hill, international sportsbook and casino operator, reported that their revenues rose by 7% to €1.95 billion in 2017 from €1.82 billion the previous year.
With the release of last year’s numbers, the company told its investors that they started 2018 in a stronger position and left the challenging times behind them.
Obstacles Ahead
The financial report for 2017 came out the same week William Hill was fined €7.06 million by the Gambling Commission over systematic failures in its social responsibility and anti-money laundering policies.
The 18-month-long investigation preceded this decision and the company is still awaiting the Supreme Court decision on PASPA. William Hill confirmed that they are preparing for any Supreme Court decision which should be revealed by the end of 2018.
Reassuring Numbers
The financial report showcased that revenues rose by 7% in the 52 weeks ending 26 December.
The company’s adjusted operating profits also rose year-on-year by 11% from a 2016 total of €297.8 million to a 2017 high of €331.79 million. The company highlighted a 9% increase in cash generation, up to €330.5 million and it lifted the full-year dividend by 6% to €0.15. Rises in revenue came due to the growth in both its online and retail business, citing double-digit growth in its sportsbook, net gaming revenue and technology led improvements in its shops as key drivers of these spikes in revenues.
Even though the significant rise in the numbers, William Hill slid into loss of €84.97 million comparing with a profit from 2016 of €206.5 million after charges of €381.56 million including €259.69 million in impairments regarding their business in Australia.
Setting the Right Standards
William Hill changed its strategy and the key point will be to act in a sustainable way.
As one of the leading brands, William Hill has the obligation to set the right standards and take greater account of all their stakeholders.
This approach will be embedded in their business strategy in the following months as a matter of urgency and they will continue to strengthen their position. They are already gaining ground in the UK with the improved omni-channel offers and should the Supreme Court’s decision be positive, they will continue to transform other areas of the business and seize the opportunities for growth and development that lie before them.
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