UK gambling operator William Hill published its financial results for the six months ended June 30, 2015. Net revenue increased to reach £808.1 million compared to the £805.2 million posted for the same period a year ago.
The company noted that its overall net revenue grew during the first half of 2015, despite the fact that the FIFA World Cup took place this time last year and resulted in a significant increase in the generated proceeds. William Hill also posted a 16% increase in its online UK net revenue.
Operating profit during the period in review decreased 12% year-on-year to £155.7 million. The company paid about £44 million in gambling duties due to the newly introduced 15% Point of Consumption tax as well as the increase in the Machine Games Duty rate.
Pre-exceptional profit before tax amounted to £131.3 million during the six months ended June 30, down 11% year-on-year. Profit before tax totaled £78.7 million, down 35%. Profit after tax decreased 30% to £69.5 million.
The gambling operator noted that its retail operations and profits from those in particular were impacted by the increased Machine Games Duty rate as well as the recently introduced £50 journey for gaming machines. Yet, William Hill said that the effective operating cost control benefited the company.
The gambling operator also commented on its operations in Australia and the United States. In Australia, the recent re-branding of Sportingbet to William Hill resulted in a “positive momentum whilst margin management progresses.” The company’s US operations kept on delivering strong profit and wagering growths.
James Henderson, Chief Executive Officer of William Hill, said that they are content with their operational performance during the first half of the year, despite the major taxation and regulatory changes that were implemented. The executive also pointed out that they will continue following their growth strategy and investing in their “long-term growth drivers.”
Over the past six months, William Hill has made significant progress with its Project Trafalgar. Generally speaking, it is an interface solution that makes it possible for the company to release multiple technical updates more quickly and easily. In addition to this, William Hill will be able to offer a single experience across a number of digital platforms, such as desktop, mobile device, etc., by means of its omni-channel development.
