by Ryan D. Jaeger
William Hill, the UK bookmaker, announced statistics relating to its
full year operations.
The group showed an overall drop of 74% in full year profit.
Overall net income dropped from £234 million (47.1 p per share) to £
61.1 million (9.4 p per share) according to William Hill in a statement last
week.
Special attention will turn to William Hill's operations in Ireland, which
are showing the signs of the recession.
Poor market conditions have influenced the wagering habits of Irish
customers, and William Hill has been forced to close 17 of its Irish betting
outlets.
The bookmaker said that it would be reviewing the remaining 35 betting shops
in Ireland.
Other statistics revealed by William Hill's report:
- The group lost £1.8 million on competition from offshore rivals and
bet exchanges.
- Net revenue declined 0.6% in the seven weeks ending February 16th, 2010.
- Operating profits for William Hill Online grew 36% to £74.4 million
due to a strategic partnership with Playtech.
- Profit from betting shops dropped 16% to £202.7 million.
The Chief Executive Officer of William Hill, Ralph Topping said: "We're going
through an economic cycle at the moment, but I'm not worried about the long term
future of the shops."
"2009 has been a year of transformation, and we are particularly pleased with
the progress made by William Hill Online," he said.
"We have made great strides. William Hill Online is nearly unrecognizable
from one year ago," added Topping.
