William Hill scores with Euro 2016 boost to interims

Better than expected returns from the Euro 2016 football championships scored a financial goal for bookmaker William Hill after what it called an “extremely challenging” start to 2016 including a disastrous Cheltenham horse racing festival and poor results from Australia.

Revenues increased 1% to £814.4m, while pre-tax profit was up 28% to £100.7m. Trading remains in line with previous full-year operating profit guidance of £260m-280m.

Net operating costs were 6% or £26.9m higher, including higher staff costs in retail and investment in online driving higher marketing and amortisation. Consequently, group operating profit was 16% lower at £131.1m.

The company said three of its four divisions are performing well, but online was being affected by the level of time-outs/automatic self-exclusions and customers acquired in 2015 have delivered lower than expected revenues.

“We have taken considerable steps forward in executing on online’s improvements but there is still a way to go. The refocused team has delivered substantial upgrades to the mobile Sportsbook customer experience, which is now back to competitive levels,” said interim chief executive Philip Bowcock.

“Our recent investment in NYX / OpenBet and acquisition of Grand Parade further accelerate our ability to innovate at speed and enhance the customer experience moving forward.”