British gaming and sportsbetting provider William Hill has released its interim results for the first half of 2008 showing a four percent rise in overall gross wins compared to the same period last year but with a ten percent drop in profits.
The Leeds and London-based firm is one of the leading providers of fixed-odds online and land-based bookmaking services with over 2,200 licensed betting shops across the UK and Ireland. It stated that overall gross wins rose to $1.02 billion from $986.6 million for the past six months with online gross wins increasing 21 percent followed by retail with a five percent bump. The report revealed that online sportsbook gross wins returned to year-on-year growth during the second quarter of 2008 while a new sportsbetting technology project is on track to be fully implemented by November.
William Hill announced that profits on ordinary activities before finance charges and exceptional items were down ten percent from last year’s $319.3 million to $287.4 million, owing to the costs of Turf TV and disappointing results-driven telephone performance.
Cash generated from total operations before tax and interest was down 22 percent to $293.9 million from last year’s $375.7 million, which represents 102 percent of operating profit compared to last year’s 118 percent.
“The group has continued to make progress during the first half of the year with results in line with expectations,” said Charles Scott, Chairman for William Hill.
“So far, we have seen little evidence that our business has been impacted by the economic downturn. However, our business now generates more income from online gaming and betting and from gaming machines in licensed betting offices than ever before. It is difficult to predict how these income streams will fare in a continuing adverse economy, albeit the business has been resilient to date.”