William Hill PLC, parent firm of William Hill US, has posted its final results for the 52 weeks ended December 29 2020. In the report, the firm referenced its expanded nationwide presence stateside through market-leading partnerships, while maintaining a robust market position and growing net revenue by 32%.
In what has been a challenging trading period, William Hill reported a 16% fall in net revenue to $1845.03m (2019: $2203.65). Adjusted operating profit $79.83m fell 61%, impacted by disruption to sporting calendars, retail and casino closures, but was partially offset by strong performance from digital channels
Statutory profit before tax came in at $71m, benefitting from the VAT receipt of $283.94m, more than offsetting a retail non-cash impairment of $175.13m and costs of $98.1m associated with the cash offer from Caesars Entertainment Inc.
CEO Ulrik Bengtsson commented: “We began the year well and finished the year even stronger, highlighting the traction generated by our strategic focus on customer, team, execution. In what was an extraordinary year I am immensely proud of how the group has responded and the resilience we have seen in our performance. We prioritized the protection and safety of both our colleagues and our customers, and our employees went above and beyond for which I thank them.
“In 2020 we put our strategic plans firmly into action, diversifying our geographical footprint, expanding our team’s capabilities and rebuilding our technology. We are embedding proprietary components across the platform architecture and are delivering a constant flow of new features including faster product experience, improved navigation and greater protection to our customers around the world.”
Switching attention to international markets, including the US and LatAm, Bengtsson added: “We are delighted with our international online performance, where our investment in our product and technology is producing clear benefits, particularly in light of the regulatory headwinds in Germany and temporary restrictions elsewhere.
“We will continue to benefit from our agile marketing engine, and the recent agreement to acquire Alfabet S.A.S. in Colombia and our license in Argentina both offer further promising growth opportunities in Latin America.
“The US traded well into the year-end, concluding the year with 19% market share and delivering a profitable return. Our partnerships have ensured that brand awareness has risen, our product offering has expanded, and our end-to-end proprietary tech is facilitating rapid new state openings.