William Hill mobile revenues booming

William Hill may be a familiar high street name but the firm's future is firmly linked to the rapidly growing online and mobile businesses, judging by its first half results.

Profits before tax in the six months to the end of June came in at £143.3m, an impressive 13% gain on the same period last year.

Much of this growth is coming from the online offering, which currently accounts for 32% of revenue but, in the first half, grew at a whopping 30% year-on-year.

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Total online turnover was £198.4m out of group revenues of £627.8m, with the high street retail business contributing £417.4m.

The mobile Sportsbook offering, which only launched in mid-February, was contributing 28% of total online income by the end of June. Over the half year it pitched in with 11% of net gaming revenues.

William Hill is also trying to expand overseas to reduce its reliance on the UK which currently provides around 90% of revenue. The group has now acquired licences in Spain and Nevada where it has also bought three land-based betting businesses.

William Hill's Chief Executive, Ralph Topping said mobile "remains a top priority and continues to outperform our expectations. The William Hill Sportsbook app ... has delivered more than 40,000 new customers."

On the expansion into Spain and the US he added: "Though their contribution to the group today is small, they represent an important strategic step for William Hill as we look to build our international business."

William Hill's shares were up 3.2% at 8:28.

BS