21st Oct 2014 07:03
LONDON (Alliance News) - William Hill PLC Tuesday reported a jump in operating profit and revenue for the third quarter as its online and mobile gaming operating profit more than doubled, and it said it now expects its operating profit for the full year to come in at the top end of expectations.
The FTSE 250-listed bookmaker said group net revenue in the third quarter to September 30 was up 23%, boosted by a 55% rise in online revenue and a 9% increase in retail revenue. Australia revenue also increased in the period, up 17%.
The rise in revenue across the board pushed up its group operating profit by 89%. Retail operating profit was up 31%, while online operating profit more than doubled and Australia operating profit nearly quadrupled, the company said.
Chief Executive James Henderson said the strong performance in the third quarter was driven by favourable sporting results and the development of its business in the UK and Internationally. The positive sporting results for the quarter, including a good end to the World Cup for the company, meant it moved towards normalised gross win gross margins for the year-to-date, he said.
William Hill said the strong performance in the third quarter meant it now expects operating profit for the year to be towards the top end of the consensus range, assuming results for the fourth quarter are in line with forecasts.
By Sam Unsted; [email protected]; @SamUAtAlliance
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