Boosted by its online betting business, bookmaker William Hill said today that its annual operating profit for the year 2010 will be at the top end of analysts’ forecasts as it reported strong revenue growth in the last quarter of 2010.
Despite inclement weather during the Christmas-New Year period, the companies retail sales grew by 8 percent while online business surged by 25 percent over last year.
The bookmaker said profit for the year would be £275 million, compared to £258.6 million recorded in 2009.
William Hill’s Chief Executive Ralph Topping said in statement “This is strong performance and I am delighted that, in particular, our online business and the gaming machines in our shops continue to see encouraging revenue growth during (the year)”.
Attributing the growth to better technology utilization, he added: “Our continual technological developments in what is a fast-changing industry have underpinned growth”.
The group plans to cease its telephone betting operation in UK from February. In an announcement made in June last year, it had said that it would begin telephone betting operations from an offshore location in Gibraltar.
William Hill operates more than 2,300 licensed betting stores in the UK and Ireland. UK based bookies have to pay horseracing betting levies on British races while offshore bookies are exempt from the same.