 saw share prices spike in early trading on Friday, with an increase in revenue offsetting investor negativity.){kind=link}
Struggling bookmaker William Hill (LON:WMH) saw share prices spike in early trading on Friday, with an increase in revenue offsetting investor negativity over a 10 percent fall in profit.
Group net revenue rose 1 percent to £1,603.8 million, with profit before increase an tax seeing a small increase to £225.6 million. This was 1 percent higher than the year before and ahead of the consensus forecast of £214.2 million.
However, adjusted earnings per share were at 22.3p, down 10 percent, with adjusted operating profit also seeing a 10 percent drop to £261.5 million in the 52 weeks to the 27th December.
Its online business also took a surprising hit over 2016, seeing a 3 per cent fall in an area in which the group have traditionally been at the top of its game. The group confirmed a full-year dividend of 12.5p per share.
Philip Bowcock, Interim Chief Executive Officer of William Hill, said 2016 had been “challenging” for the company, but that it made “considerable operational progress”.
“We have delivered extensive product, user experience and marketing improvements in Online, modernised our Retail management structure to focus more on the customer and continued to grow in our key international markets. There are now encouraging signs in all our divisions, in particular Online’s UK business, which is now delivering sustained growth.
“Looking forward, we want to keep improving the customer experience. This means making it both fast and easy, as well as enjoyable and personal, to bet with William Hill. We expect our transformation programme to continue delivering important efficiency savings that we can reinvest to deliver an even better customer experience and faster growth.
“We have a clear strategy to take the business forward and grow market share in the UK, while expanding our revenues internationally.”
William Hill shares are currently up 1.60 percent at 266.10 (0916GMT).