William Hill Post Better H1 Results Than Expected

Gambling company William Hill beat expectations on its half yearly results posting a profit of £11.8 million for the 26 weeks up to June 30. However that still represented an 85% drop compared to the same period in 2019.

Revenues also fell by 32% to £554.4 million during the period, at the same time as announcing its H1 results William Hill said it was not re-opening 119 of its retail units as the impact of the COVID-19 pandemic along with the FOBTs reduction had not made those shops viable anymore, it also said that the cost of closing those businesses would be minimal.

William Hill has been focusing its efforts on expansion in the US along with its online gambling operation and has seen greater possibilities than in its UK retail arm.

William Hill said: “The group has been impacted by the global COVID-19 pandemic, which has led to the Group taking the decision to not re-open a further 119 shops after lockdown restrictions were lifted in the UK and to increased uncertainty of future high street retail cashflows.”

The company also commented on the UK governments  Job retention scheme: “In light of the robust recovery in the opening weeks of the second half, since mainstream sport resumed and our shops re-opened, Coronavirus Job Retention Scheme monies (the ‘Furlough Funds’) received from the UK government amounting to £24.5m will be repaid.”