14th Jan 2016 07:38
LONDON (Alliance News) - Bookmaker William Hill PLC on Thursday said its operating profit for 2015 was in line with market expectations and said it is well positioned to deliver growth in 2016.
The FTSE 250-listed group, contending with a wave of consolidation in the gambling industry in which it has yet to participate, said its operating profit for the full year will come in around GBP290.0 million, in line with market expectations.
The group said its gross win margin in the fourth quarter, covering the 13 weeks to December 29, was broadly in line with its expectations, while its net revenue from its core online gaming markets, including the UK, Italy and Spain, rose 14% year-on-year.
The company has now launched its front-end redesign of its mobile application, under its Project Trafalgar scheme to revamp its digital betting platform, and said it has launched its new Macau-focused gaming product online.
Overall, total retail amounts wagered rose 1.0% in the quarter year-on-year, while net revenue rose 2.0%, boosted by the online performance.
"I am pleased that we have delivered results in line with the market's operating profit expectations for 2015. Online has seen some disruption around the implementation of Project Trafalgar, but we are rapidly addressing that. I am optimistic the advantages that Trafalgar gives us will drive growth, particularly as we gain flexibility and increase our ability to differentiate," said Chief Executive James Henderson.
Henderson added he was confident the group will deliver growth in 2016, backed by the Euro 2016 football tournament falling in the summer and Project Trafalgar.
By Sam Unsted; [email protected]; @SamUAtAlliance
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