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William Hill gambles ? and wins big
Bookie William Hill recorded outstanding annual profits of GBP32 million despite a GBP42 million outlay to float the company?s stock.
?We begin 2003 with a strong brand, strong market position, a strong management team and a strong balance sheet, and we face the future with justifiable confidence as we look forward to further deregulation of the UK gambling industry, ? said William Hill chairman John Brown.
William Hill?s online division was a clear winner. A 123% revenue increase generated GBP20.5 million in profit for the company.
Due to some foreign regulatory concerns, it will focus on UK-based development of its online gaming. A recent introduction on online poker has proved successful and plans are underway to allow fund transfers between casino and betting accounts.
The firm?s huge profits were also fuelled by last year?s World Cup and adjustments to betting taxes.
Now that bet-takers? gross profits are taxes ? instead of bet-makers? wagers ? punters are turning their savings into ?more and bigger bets?, according to the company.
All the above factors accounted for the firm?s increased turnover of GBP3.36 billion and stable share price.
In spite of a declining market, William Hill shares hover near their issue price at 222.5p.
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