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William Hill FY 2009 pre-tax profits fall 9% on revenue down 4%
William Hill Plc today reported it's FY 2009 results, which showed a pre-tax profit down 9% on last year to £197.5 million (pre-exeptionals) on revenue down 4% to £997.9 million.
William Hill operate over 2300 betting shops in the UK and Ireland. The shops have held up well in the tough economic climate and although revenue was down 8%, winnings declined by 12%. During 2009, they invested £14.4million in estate development and completed 93 projects, which included opening 55 new shops and re-siting or extending 38 existing shops.
Ralph Topping, Chief Executive of William Hill, commented:
"In terms of 2009, the scale and breadth of our business ensured that we were well-placed to ride out the extra volatility in sporting results and the areas affected by the economy were counteracted by good growth in gaming machines and our improving online performance.
"We have transformed key parts of William Hill in the last year. William Hill Online is almost unrecognisable from a year ago, with highly competitive gaming products, proven marketing expertise and a Sportsbook that has more pre-match and live betting products. 'Storm' machines will shortly be available across much of the estate, giving us 22-inch HD technology to enhance the customer experience. In addition, we have addressed the balance sheet issues to leave us in a much stronger position."
William Hill operate over 2300 betting shops in the UK and Ireland. The shops have held up well in the tough economic climate and although revenue was down 8%, winnings declined by 12%. During 2009, they invested £14.4million in estate development and completed 93 projects, which included opening 55 new shops and re-siting or extending 38 existing shops.
Ralph Topping, Chief Executive of William Hill, commented:
"In terms of 2009, the scale and breadth of our business ensured that we were well-placed to ride out the extra volatility in sporting results and the areas affected by the economy were counteracted by good growth in gaming machines and our improving online performance.
"We have transformed key parts of William Hill in the last year. William Hill Online is almost unrecognisable from a year ago, with highly competitive gaming products, proven marketing expertise and a Sportsbook that has more pre-match and live betting products. 'Storm' machines will shortly be available across much of the estate, giving us 22-inch HD technology to enhance the customer experience. In addition, we have addressed the balance sheet issues to leave us in a much stronger position."
Fri, 26th Feb 2010