The boom in mobile phone betting has helped bookmaker William Hill post a 13% rise in profits after an “outstanding” performance from its online arm.
Favourable results at key events such as the Grand National and the Cheltenham Festival also helped revenues climb 11% to £627.8 million and pre-tax profits reach £143.3 million in the six months to June 30.
Bets during Euro 2012 were up 61% compared with four years earlier but results on the pitch did not favour the bookie until the semi-final stage.
William Hill’s retail estate, which comprises around 2,370 shops and accounts for about a quarter of the market, saw a 1% rise in amounts wagered, despite 9% fewer horse racing fixtures due to weather-related cancellations.
Operating profits from the retail business, which continued to grow following the addition of a net four shops in the period, lifted 6% to £109.8 million.
But the biggest growth came from the online business, with profits up 23% to £68.9 million after a 30% jump in revenues.
During the period, wagers through mobile devices accounted for 22% of all sports betting online and 11% of gaming revenues, with the launch of an iPhone app helping deliver more than 40,000 new customers to William Hill.
Chief executive Ralph Topping said: “Mobile remains a top priority and continues to outperform our expectations.”
The results were ahead of estimates and prompted shares to rise by about 5% as analysts increased their forecasts for full-year earnings.
The Euro 2012 tournament yielded a total gross win for the bookmaker of £3.6 million in the results, but when including Italy’s win over Germany at the start of the second half-year the figure improved to £10.2 million.
Source : Orange