The governance of FTSE-listed bookmaker William Hill Plc is confident of meeting 2017 corporate expectations following a ‘positive start’ to the year.
Issuing a trading update (17-week period to 25 April), William Hill reported a period growth in wagering and net revenues across all core divisions.
Updating investors, the company expects its group net revenues to be 9% up on corresponding 2016 performance. William Hill governance would highlight the improved performance of its online business which saw an 11% increase in wagering during the period.
The bookmaker states that it online sportsbook continues to improve its product and customer experience, with William Hill expecting to roll-out a new desktop site in the coming weeks. The bookmaker’s governance details that the firm ‘is on track’ to deliver £40 million in 2017 cost savings.
The firm’s improved digital performance was supported by a solid opening for its retail division, which recorded a 1% increase in net revenues. Unlike its UK highstreet competitors, William Hill’s retail division was able to sustain performance from a crammed period horseracing schedule.
Commenting on the trading update, William Hill Group Chief Executive Philip Bowcock detailed:
“It has been a positive start to the year for William Hill across the board. Our Online business continues to deliver growth thanks to the improvements in product, user experience and marketing we have made. Retail is also seeing positive trends while our key international markets continue to perform well with double-digit wagering growth.”
“The Groups transformation programme is progressing well, and we are on track to deliver £40m of annualised savings by the year-end. Overall, we are in line with market expectations for 2017 at this early stage in the year.”
Finalising its period update, William Hill governance stated that the company continued to prioritise its three ‘medium-term’ strategic priorities.
- Grow UK market share with increased investment in product, marketing and omni-channel
- Continue international revenue growth and diversification with focused investment
- Deliver two key projects to support growth and reinvestment
- A transformation programme to deliver £40m of efficiencies for reinvestment
- Create a programme to deliver a global technology platform