 jumped over 10 percent on Wednesday, after a strong first half's trading saw both profits and revenue rise){kind=link}
Shares in bookmaker William Hill (LON:WMH) jumped over 10 percent on Wednesday, after a strong first half of trading saw both profits and revenue rise.
Despite a fall in sales at its high street stores, online performance soared, sending sales up 5 percent. Net revenue rose 3 percent to £837 million, compared with £814.4 million a year earlier.
Pretax profit was down 7 percent to £93.5 million, but adjusted pre-tax profit rose 2 percent. The UK Sportsbook amounts wagered online rose 13 percent over the period, and net revenue from the UK gaming sector rose by 9 percent.
“The first half of 2017 has seen good progress against our three strategic priorities and wagering growth across all four divisions. Our product improvements combined with improved marketing have seen both existing customers respond positively and the number of new customers start growing again during the period,” Chief Executive Philip Bowcock said.
The group raised its interim dividend by 4 per cent to 4.26p per share, “reflecting the group’s continued strong cash flow and the board’s confidence in delivery of strategic priorities”.
Bowcock also said that the company was on track to hit its target of £40 million of annualised savings set earlier in the year by the end of 2017.
Investors were cheered by the results, sending shares up over 10 percent at market open. William Hill shares are currently up 11.76 percent at 282.40 (0919GMT).