Key points:
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Group net revenue up 12% and Operating profit up 20% with another outstanding performance from William Hill Online |
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Good Retail performance drives 6% net revenue and 7% Operating profit growth, with net revenue growth from both over-the-counter (OTC) betting and gaming machines |
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William Hill Online delivers outstanding growth in Sportsbook net revenue +50%, driving overall net revenue +27% and Operating profit +36% |
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Mobile Sportsbook turnover +260%, 32% of total Sportsbook betting in December via mobile |
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Basic adjusted earnings per share +21% and dividend +17% |
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Profit before tax +48% |
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£424m proposed acquisition of outstanding 29% stake in William Hill Online announced today and £375m Rights Issue as part of financing for the proposed acquisition (see separate announcement) |
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£460m proposed acquisition of Sportingbet's Australian and Spanish online businesses on track for completion 19 March 2013 |
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Continued strong cash flow from operations reduces net debt for covenant purposes by £77m to £339m against 27 December 2011 |
Ralph Topping, Chief Executive of William Hill, commented:
"Today marks a major milestone for William Hill as we propose taking full control of William Hill Online. This move rounds off a successful 12 months which have seen us take our first steps into the US and, through the pending Sportingbet acquisition, lay the foundations for growth in the attractive Australian market.
"William Hill Online has consistently delivered strong net revenue growth since it was formed in December 2008. Having been advised of the valuation of Playtech's 29% interest, the Board has concluded that it is in the best interests of our shareholders to exercise our call option to assume full ownership of this attractive, high growth, high performing business.
"At the same time, I am pleased to report that the team has remained tightly focused on operational matters and has delivered a strong 2012 organic performance across both Retail and Online channels. Retail has continued to deliver revenue and profit growth, while William Hill Online recorded another outstanding year, particularly in mobile which has significantly outperformed our expectations and very much remains a high priority for us.
"With our well-recognised William Hill brand, strong management team and multi-channel capability, we are well placed to take full advantage of both the organic growth potential of the enlarged business and the new opportunities that are opening up to us."
