Corporate By William Hill PLC

2011 Final Results

Continued strong momentum in 2011 driven by innovation and investment

William Hill PLC (LSE: WMH) (William Hill or the Group) announces its final results for the 52 weeks ended 27 December 2011 (the period). The comparator period is the 52 weeks ended 28 December 2010.


52 weeks ended
27 Dec 2011 (£m)

52 weeks ended
28 Dec 2010 (£m)

Change vs.
2010 (%)

Net revenue




- Retail net revenue




- Online net revenue




Operating profit(1)




Pre-exceptional profit before tax




Profit before tax




Profit after tax




Earnings per share – basic, adjusted(2)(3)




Earnings per share – basic(2)




Dividend per share




(1) Operating profit is defined as pre-exceptional profit including associates and excluding interest, tax and £3.6m (2010: £3.6m) of Online amortisation relating to trade names, affiliate relationships and non-competition agreements 
(2) Basic EPS is based on an average of 699.0 million shares for 2011 and an average of 697.9 million shares for 2010 
(3) Adjusted EPS is stated before exceptional items and £3.6m (2010: £3.6m) Online amortisation relating to trade names, affiliate relationships and non-competition agreements

Key points:

  • Positive performance with Group net revenue up 6% and pre-exceptional profit before tax in growth by 9%
  • Basic, adjusted earnings per share in growth by 12% and dividend per share by 16%
  • William Hill Online delivers second consecutive year of +20% net revenue growth and mobile innovations increase Sportsbook bets by c500%
  • Resilient UK Retail performance with growth in OTC amounts wagered and machines gross win driving net revenue growth despite sporting results impact
  • International expansion progresses with Italian website launch and impending land-based sports betting acquisitions in US
  • Further balance sheet strengthening as net debt for covenant purposes reduces by £83m to £416m

Ralph Topping, Chief Executive of William Hill, commented:

"This is a very positive performance, particularly in a year without a significant international football tournament and with a c£9m increase in VAT payments as a result of the rate change. It reflects the underlying strength of the business and benefits from our innovations and investments. Our strategic focus continues to be on developing our products to enhance the customer experience, on broadening and strengthening our channels to maximize our customer reach and on developing the business internationally. In the last year, we have built on the momentum and success of 2010 by further expanding our Online offering through new mobile and text-betting channels and are continuing to invest in innovations to enhance the customer experience across all channels.

“We have great confidence that, as a multi-channel gambling company with a strong management team, we are well placed to leverage the advantages of the William Hill brand. We believe there are more opportunities to grow in our core market in the UK and also for the business to expand internationally beyond our traditional roots as more governments open up their regulated gambling markets. We will, therefore, seek to invest selectively in taking our brand and our capabilities beyond the UK over the coming years.”

Analyst and investor presentation

9.30 a.m. GMT on 
24 February 2012
The Lincoln Centre
18 Lincoln’s Inn Fields
London WC2A 3ED
Live conference call:
Tel UK: 0845 634 0041
Tel int’l: +44 (0) 20 8817 9301
Passcode: 6678073
Archive conference call 
(until 2 March 2012)
Tel: +44 (0) 20 7769 6425
Passcode: 6678073#
Video webcast: 
Available live and, until 
24 February 2013, as an archive

A separate conference call will be held at 11.30 am GMT for debt analysts and investors. Dial-in details are:

UK telephone: 0845 634 0041 
International telephone: +44 (0)20 8817 9301 
Passcode: 6678005

Archive of the debt call: 
Telephone: +44 (0)20 7769 6425 
Passcode: 6678005#



William Hill PLC

Ralph Topping, Chief Executive
Neil Cooper, Group Finance Director
Lyndsay Wright, Director of IR

On 25 February: +44 (0) 20 7404 5959
Thereafter: +44 (0) 20 8918 3614

Brunswick Simon Sporborg
Sophie Brand
Tel: +44 (0) 20 7404 5959

Notes to editors

William Hill, The Home of Betting, is one of the world's leading betting and gaming companies, employing more than 15,000 people. Founded in 1934, it is now the UK's largest bookmaker with over 2,370 licensed betting offices (LBOs) that provide betting opportunities on a wide range of sporting and non-sporting events, gaming on machines and numbers-based products including lotteries. William Hill Online ( is one of Europe's leading online betting and gaming businesses, providing customers with the opportunity to access William Hill's products online, through their mobile, by telephone and by text services. William Hill PLC is listed on the London Stock Exchange and generates revenues of over £1.1bn a year.

Cautionary note regarding forward-looking statements

These results include 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 Listing Rules, the Disclosure 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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