William Hill (LON:WMH) delivered strong growth in its online business in the 17 weeks to April 24th, boosted by a “sustained period of bookmaker-friendly sporting results”.
The group recorded a 3 percent growth in net revenue, driven by its online offering and a pickup in the US.
In the UK online net revenue rose 12 percent, with Sportsbook up 17 percent and gaming up 8 percent. Retail fared less well, with net revenue down 4 percent due to a with 9 percent fall in Sportsbook and flat gaming figures.
The group confirmed that performance is in line with market expectations for 2018, assuming normalised gross win margins.
CEO Philip Bowcock commented: “William Hill has had a positive start to 2018, making further progress against our strategic priorities to grow UK market share, drive international revenues and deliver key transformation projects.
“Continued momentum in Online and strong growth in the US have driven a good performance during the period.
“In the UK, an unprecedented run of bookmaker-friendly sporting results led to unusual wagering and gaming trends, which we expect to normalise over time.
“The sale of our Australia business has further strengthened our balance sheet.
“While we await the outcome of the UK Triennial Review and the Supreme Court’s decision on US sports betting legislation, we remain focused on continuing to deliver a great customer experience, particularly ahead of this summer’s World Cup.”
Shares in William Hill are trading flat, currently down 0.0072 percent at 278.70 (0914GMT).
