17:35 Tue 16 Jun 2020
William Hill PLC - Trading Statement
Strong recovery: Trading update to
We have been delighted to see a strong recovery in recent weeks with the easing of COVID-19 restrictions and the progressive return of sporting events. Our swift actions have enabled us to respond competitively while enhancing customer protection and delivering against our product development goals. We expect the trading backdrop to remain uncertain but are encouraged to see both Online and the US performing ahead of our initial expectations.
Since our update on
On
Divisional performance
Operating performance: 23 weeks to
In GBP1 |
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Total net revenue growth (YoY) |
Weeks 1-23
|
Weeks 1-10 Pre-Coronavirus |
Weeks 11-17 Coronavirus |
Weeks 18-23 Coronavirus |
|
Online |
-1% |
+16% |
-21% |
-3% |
|
Online |
-10% |
+7% |
-33% |
-8% |
|
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+17% |
+35% |
+5% |
+7% |
|
Retail Like-for-like2 |
-50% |
-3% |
-85% |
-100% |
|
US |
-24% |
+30% |
-90% |
-62% |
|
Group |
-32% |
-5% |
-57% |
-50% |
|
Notes
1. Growth rates are based on statutory results unless stated otherwise.
2. Like-for-like (LFL) presents the cumulative results for the period on a same-shops basis (excluding those permanently closed in the prior and current year but including those temporarily closed due to Covid-19).
During the six weeks to
Online sports wagers improved significantly throughout the period, benefitting from the resumption of horseracing and the German Bundesliga. During March and April customers continued to place bets on alternative products such as table tennis and we are pleased to note that activity has remained high alongside the return of horseracing and football. New product development launches continued to gain traction with a robust performance from the new gaming front end deployed in the
Retail is 'powering up' the estate in phases now Licensed Betting Offices are permitted to re-open in
US sports staking benefitted significantly from the availability of alternative sports and the resumption of UFC and
Outlook
We have gained greater visibility of the sporting calendar. Horseracing has returned behind closed doors and the
While we remain cognisant that sports betting activity and retail footfall are likely to remain uncertain throughout the rest of 2020 and into 2021, our mitigation strategies have reduced costs, retained liquidity and ensured that capital expenditure related to growth plans has been preserved. Our product development plans remain a priority, especially in the US, where they have accelerated to ensure we emerge from this period of disruption in a stronger competitive position.
"The return of sporting events has driven a strong recovery in our online volumes. Our
OAM: Additional Regulated Information
William Hill LEI: 213800MDW41W5UZQIX82
Enquiries |
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William Hill |
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Tel: +44 (0) 20 7612 3251 Tel: +44 (0) 20 7612 3233
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Brunswick |
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Tel: +44 (0) 20 7404 5959 |
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About William Hill |
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This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "plans", "goal", "target", "aim", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout these results and the information incorporated by reference into these results and include statements regarding the intentions, beliefs or current expectations of the directors, William Hill or the Group concerning, amongst other things, the results of operations, financial condition, liquidity, prospects, growth, strategies and dividend policy of William Hill and the industry in which it operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond William Hill's ability to control or predict. Forward-looking statements are not guarantees of future performance. The Group's actual results of operations, financial condition, liquidity, dividend policy and the development of the industry in which it operates may differ materially from the impression created by the forward-looking statements contained in these results and/or the information incorporated by reference into these results. In addition, even if the results of operations, financial condition, liquidity and dividend policy of the Group and the development of the industry in which it operates, are consistent with the forward-looking statements contained in these results and/or the information incorporated by reference into these results, those results or developments may not be indicative of results or developments in subsequent periods. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation (596/2014), the Listing Rules, the Disclosure Guidance and Transparency Rules and the Prospectus Rules), William Hill does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
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