“Customers are increasing the average size of their bets”
“It’s not yet clear if the 9% rise in net revenue in the first eight weeks of 2011 is a long-term reversal of last year’s decline in bet size,” Topping said.
“It would be foolish to say it will go on improving. It’s too early to call the first swallow,” he added.
Net income more than doubled in 2010 to US$208.6 million from US$ 99.34 million, the previous year. Profit rose after a 66% drop in exceptional items to US$ 42 million, William Hill said in a statement. Revenue rose 7.4 % to US$1.73 billion boosted by the World Cup and a 24 % surge in online sales.
“The results are at the top end of expectations and current trading is strong,” Investec analyst Paul Leyland, who has a “buy” recommendation on the shares, said in a note to clients. “This demonstrates continued operational momentum, underlying resilience and a widening performance gap with Ladbrokes.”
William Hill and rivals such as Ladbrokes are focusing on growing their online business, which is more profitable than town-center shops. The London-based bookmaker estimates Internet-based sales, which accounted for almost 25% of revenue last year, will make up half its revenue by about 2015.
William Hill shares rose 5.7 %, to 193.9 pence at 1:23 p.m. in London trading.
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