William Hill revenue growth slows

Britain's biggest operator of high street betting shops, William Hill said revenue growth slowed in the third quarter as the company came up against comparatives boosted by last year's World Cu in South Africa.

William Hill, which has 2,350 betting shops and takes more than a million bets a day, said net revenue grew by two per cent in the quarter and five per cent in the year to date.

Retail net revenue decreased by three per cent during the period and was flat in the year to date. Group operating profit was 22 per cent lower in the period, reflecting the impact of the World Cup and favourable domestic soccer results last year. In the year to date, operating profit was down 3 percent.

William Hill benefited, however, from a sharp rise in online revenue which grew by 28 per cent in the quarter and 25 percent in the year to date, driven by a number of product innovations and an increase in the number of in-play betting markets on offer.

"We have delivered a solid performance in quarter three in spite of a highly competitive market place and a tough consumer environment," chief executive Ralph Topping said.

The company said its third quarter margin had been broadly in line with its long-term average for the quarter but below the unusually strong margin seen the previous year.

William Hill said it was on track to meet market expectations for the full year.