Group operating profit of £291.4m, up 2% excluding c£87m of additional UK gambling duties
Technology strategy: launch of new mobile website and iOS app under Project Trafalgar, giving Online a platform for rapid innovation
Omni-channel: proprietary self-service betting terminal (SSBT) roll-out to start in H1 2016
International: Australia exited 2015 with net revenue growth in local currency terms following William Hill brand launch
£300.9m of operating cash flow (2014: £368.2m)
Net debt for covenant purposes reduced to £488.2m (2014: £602.8m), equivalent to 1.3x EBITDA
Dividend policy changed to increase payout ratio to around 50% of adjusted earnings; Board recommending a 2.5% increase in full-year dividend reflecting future confidence
Share buyback of £200m announced, to be completed over next 12 months
James Henderson, Chief Executive Officer of William Hill, commented:
"In the last 12 months we have made substantial operational progress against our three strategic priorities of omni-channel, technology and international.
"In technology terms, Online now has a platform that allows us to deliver rapid and frequent innovations to customers, further differentiating our offering. We are also now preparing to roll out our proprietary self-service betting terminal in Retail. This is an important part of our omni-channel strategy and enables us to bring the best of Online to our shops.
"Internationally, I'm particularly pleased that William Hill Australia is now benefitting from our reshaping and investment in the business. We now have one of the highest rated betting apps in Australia and during the William Hill-sponsored Australian Open we acquired an impressive c1,000 customers a day and saw a 680% increase in tennis in-play turnover.
"We have made further good progress on measures to encourage responsible gambling, including using algorithms to identify potentially harmful behaviour and helping to develop a national, cross-operator self-exclusion scheme.
"As one of the largest scale businesses in gambling, the Board is confident in the outlook for the year ahead and believes the Group is well placed to deliver on its growth strategy.
"We have reviewed our priorities for capital alongside our strengthening balance sheet and our continued good cash generation. Together, these underpin our decision to announce a share buyback alongside our ongoing investment to grow the business. In addition, the Board has increased the dividend payout ratio to around 50% of adjusted earnings, reflecting our focus on delivering value for shareholders."
