William Hill PLC (LON:WMH) has said its full-year outlook remains in line with expectations assuming normalised gross win margins for the remainder of the year, as the bookmaker reported modest growth for the most recent trading period.
In an update for the 17 weeks to April 30, the FTSE 250-listed firm said group net revenue was up 2%, reflecting a year of transition in its Retail and Online business.
The company said online net revenue rose 8% reflecting the contribution from its acquisition of Mr Green, which completed at the end of January 2019, offset by the annualised impact of enhanced customer due diligence measures and a strong margin in the comparator period.
It added that Retail Sportsbook net revenue increased by 2%, with strong sports betting through the period, while gaming revenue was down 15% including the impact on machine gaming revenues of the £2 staking limit implemented on April 1.
In the US, William Hill said its total net revenues rose by 48% from operations in all seven US states that have currently legislated and regulated sports betting.
Philip Bowcock, the group’s chief executive officer, commented: “There were record actives for Cheltenham and the Grand National reflecting positive underlying customer trends, and we expect that the Mr Green performance will drive further progress in Online performance later this year.”
He added: "The impact of the introduction of the £2 stake limit has been in line with our expectations. We are confident in our plan to manage this major change, and will update more fully at the half year.”