Corporate By William Hill PLC

2012 Final Results

Strong performance and good strategic progress in 2012

William Hill PLC (LSE: WMH) (William Hill or the Group) announces its final results for the 53 weeks ended 1 January 2013 (full year 2012 or the period). The comparator period is the 52 weeks ended 27 December 2011 (full year 2011). For underlying comparison purposes, 52 week data are provided in the table on page 5 for which the results relating to the specific week ending 1 January 2013 have been removed.

 52 wks ended
1 Jan 13
52 wks ended 
27 Dec 11

53 wk change 
vs 2011

52 wks ended 
25 Dec 12 (4) 

52 wk change
vs 2011

Net revenue

£1,276.9m £1,136.7m +12% £1,254.9m


- Retail net revenue

£837.9m £789.7m +6% £825.0m


- Online net revenue

£406.7m £321.3m +27% £398.5m


Operating profit(1)

£330.6m £275.7m +20% £326.4m


Pre-exceptional profit before tax

£292.7m £239.4m +22% £289.2m


Profit before tax

£277.7m £187.4m +48% £274.2m


Profit after tax

£231.0m £146.5m +58% £228.1m


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

29.4p 24.2p +21% 29.1p


Earnings per share – basic(2)

27.0p 16.5p +64% 26.7p


Dividend per share

11.2p 9.6p +17%  


(1) Operating profit/loss is defined as pre-exceptional profit/loss before interest and tax, before the amortisation of specifically identified intangible assets recognised on acquisitions, amounting to £5.0m in 2012 (2011: £3.6m)
(2) Basic EPS is based on an average of 703.1 million shares for 2012 and an average of 699.0 million shares for 2011
(3) Adjusted EPS is stated before exceptional items and amortisation of specifically identified intangible assets recognised on acquisitions
(4) The unaudited 52 week results have been calculated by subtracting the 53rd week result from the audited results for the full 53 week period. Revenues and cost of sales for the 53rd week are actual figures, operating costs are pro-rata figures based on the December run rate, taxation is based on the effective tax rate for the year.

Key points:

  • Group net revenue up 12% and Operating profit1 up 20% with another outstanding performance from William Hill Online
  • Good Retail performance drives 6% net revenue and 7% Operating profit1 growth, with net revenue growth from both over-the-counter (OTC) betting and gaming machines
  • William Hill Online delivers outstanding growth in Sportsbook net revenue +50%, driving overall net revenue +27% and Operating profit1 +36%
  • Mobile Sportsbook turnover +260%, 32% of total Sportsbook betting in December via mobile
  • Basic adjusted earnings per share +21% and dividend +17%
  • Profit before tax +48%
  • £424m proposed acquisition of outstanding 29% stake in William Hill Online announced today and £375m Rights Issue as part of financing for the proposed acquisition (see separate announcement)
  • £460m proposed acquisition of Sportingbet’s Australian and Spanish online businesses on track for completion 19 March 2013
  • Continued strong cash flow from operations reduces net debt for covenant purposes by £77m to £339m against 27 December 2011

Ralph Topping, Chief Executive of William Hill, commented:

"Today marks a major milestone for William Hill as we propose taking full control of William Hill Online. This move rounds off a successful 12 months which have seen us take our first steps into the US and, through the pending Sportingbet acquisition, lay the foundations for growth in the attractive Australian market.

“William Hill Online has consistently delivered strong net revenue growth since it was formed in December 2008. Having been advised of the valuation of Playtech’s 29% interest, the Board has concluded that it is in the best interests of our shareholders to exercise our call option to assume full ownership of this attractive, high growth, high performing business.

“At the same time, I am pleased to report that the team has remained tightly focused on operational matters and has delivered a strong 2012 organic performance across both Retail and Online channels. Retail has continued to deliver revenue and profit growth, while William Hill Online recorded another outstanding year, particularly in mobile which has significantly outperformed our expectations and very much remains a high priority for us.

“With our well-recognised William Hill brand, strong management team and multi-channel capability, we are well placed to take full advantage of both the organic growth potential of the enlarged business and the new opportunities that are opening up to us.”

Analyst and investor presentation

9.00 a.m. GMT on 
1 March 2013
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: 10024786
Archive conference call 
(until 15 March 2013)
Tel: +44 (0) 20 7769 6425
Passcode: 10024786#
Video webcast: 
Available live and, until 
28 February 2014, as an archive

A separate conference call will be held at 11.00 am GMT for debt analysts and investors. Dial-in details are:

UK telephone: 0845 634 0041
International telephone: +44 (0)20 8817 9301
Passcode: 10024781

Archive of the debt call:
Telephone: +44 (0)20 7769 6425
Passcode: 10024781#



William Hill PLC

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

On 1 March: +44 (0) 20 7404 5959
Thereafter: +44 (0) 20 8918 3614

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

Notes to editors

William Hill, The Home of Betting, is one of the world's leading listed betting and gaming companies, employing more than 17,000 people. Founded in 1934, it is now the UK's largest bookmaker with more than 2,390 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. 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 £1.2bn 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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