England flops lift William Hill
PUNTERS’ blind faith in England’s ability to end 44 years of hurt helped William Hill score its best ever football World Cup result, offsetting a poor horseracing season.
The high-street betting chain generated a gross win of £32.2million from the South African tournament following a wave of patriotic bets on England.
Although punters cashed in on the Grand National and at Royal Ascot, the latter of which was loss-making for the bookie, Hills posted a 3 per cent rise in half-year pre-tax profits to £105.7million on 12 per cent higher turnover of £8.6billion.
New accounts jumped 38 per cent over the period at its online business, which boosted operating profits 43 per cent to £44.9million, but its telephone operation lost £2.3million and its retail estate suffered a 1 per cent drop in revenue.
In the seven weeks from the end of the half-year at June 29, Hills has seen group net revenues climb 26 per cent.
Chief executive Ralph Topping said: “We are on track to deliver against the board’s expectations for the full year but we remain cautious moving into 2011 given the ongoing consumer uncertainty.”