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FOBT NEWS ARCHIVE
William Hill, Britain's second-biggest betting shop firm, returned to profitability in the first half of the year as it benefited from favourable horse racing results and the 2002 World Cup.
For the six months to July 1, William Hill reported pre-tax profits of �85.6m, compared to a �12.2m loss for the same period a year ago.
"The group benefited from favourable horse racing results including an excellent Cheltenham festival and the football World Cup of 2002," the company said in a statement.
William Hill, which ranks second in the number of UK betting shops behind Hilton Group's Ladbroke, said that it would raise its half-year dividend 21% to 3.5 pence a share.
The group, floated in June 2002, said that in the nine-week period to September 2 its gross win - a measure of net takings - was 23% above a year ago, which included a run of less favourable horse racing results.
The company, which runs 1,600 betting shops and offers telephone and online gambling, has been trying to reduce its reliance on horse racing in order to iron out profit fluctuations.
The group's interactive division, which includes the recently introduced virtual greyhound racing, saw a 32% rise in gross win over last year.
As part of diversification, William Hill has introduced fixed-odds betting terminals (FOBTs), allowing punters to play roulette and other casino games. The number of such terminals has risen to 17,445 to 25,525 in first half of the year, with 95% of its shops possessing at least one terminal.
"The terminals have performed ahead of our expectations and there is no evidence of significant cannibalisation of traditional over the counter betting, although some business has migrated away from amusement with prize machines," the company said.
William Hill shares have outperformed the FTSE-100 index by over 40% and other UK leisure stocks by around 25%, since the company's June 2002 flotation at a price of 225p.
Story courtesy of Mark Tran
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