William Hill, the UK based bookmaker today recorded a huge slump in profits for the 2009, indicating that the gambling sector has been hit hard by the global recession.
Pre-tax profits for the group came in at £121m, a figure 60% lower than the one made in 2008. Aside from the current economic climate, a number of other reasons have been put forward for the poor results, including a high number of draws at the start of the Premiership football season, and some exceptional accounting charges that have had to be reported in the accounts.
However, it doesn’t appear to be all bad news for the William Hill Group. Revenue for their online division was up 64% to £204m, representing a full annualised set of results following the assets acquired from the Playtech deal. Other key performance indicators show unique active players up 31% and a growth in new accounts of 21%, figures that will please both shareholders and management alike.
Commenting on the results, Ralph Topping, William Hills CEO…
“We have transformed key parts of William Hill in the last year. William Hill Online is almost unrecognisable from a year ago.”
Source: Online Pokies Club - for the latest information on the gambling sector. Check out the latest news on our progressive slot machines.
Tags: Financial Results, William Hill
This entry was written by admin on Friday, February 26th, 2010 at 9:53 pm and is filed under News.
