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William Hill sees strong growth in first half

8 August 2011

(PRESS RELEASE) -- William Hill PLC announces its interim results for the 26 weeks ended 28 June 2011 (the period). The comparator period is the 26 weeks ended 29 June 2010.

Highlights:

  • Strong first half performance at the top end of market expectations
  • Sportsbook performance driving robust Online growth
  • Doubling of in-play amounts staked
  • Innovations in mobile betting deliver over 600% net revenue growth
  • Slips and stakes growth in Retail OTC allied to strong gaming machine growth with gross win per machine per week now over £900 across an estate of more than 2,350 shops
  • International growth progresses with impending US acquisitions and launch of regulated website in Italy
  • Good cash generation reducing net debt (for covenant purposes) by £39.3m since 2010 year-end
  • 16% increase in dividend, ahead of Operating profit(1) growth

Ralph Topping, Chief Executive of William Hill, commented:

"This is an especially strong set of results for William Hill in challenging economic conditions. The comparator period also included part of a World Cup that delivered a record result for us last year. I am pleased with both our Online performance, which has been driven by outstanding Sportsbook growth and innovations in our in-play and mobile offerings, and the strength of our Retail business, which continues to benefit from the popularity of machines and the resilience of over-the-counter betting. We have also made progress on our international growth strategy, both in Europe and through the three impending land-based sports-betting acquisitions we are currently pursuing in the US.

"Looking ahead, although the economic environment continues to be challenging, our offering is very strong and competitive. Our multi-channel business targets the widest possible audience, and our positioning on pricing and trading, together with our extensive product range and effective use of new technologies, including mobile, combine to present customers with a highly attractive experience. We are performing well and, given our market-leading position, international developments and a pipeline of innovations, we look to the second half of the year and beyond with confidence."

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William Hill sees strong growth in first half is republished from iGamingAffiliatePrograms.com.