Bookmaker William Hill "suffered a steep fall in profits over the first half of this year," according to Murad Ahmed of the FINANCIAL TIMES. Growth at its online business failed to offset declines at its betting shops that were hit by "volatile sporting results" and the lack of a major football tournament this summer, according to Murad Ahmed of the FINANCIAL TIMES. Reporting results for the 26 weeks to June 27, the company said that net revenues increased 3% compared to the same period a year earlier to £837M ($1.11B), but pre-tax profits fell 7% to £93.5M ($123.7M). The company added that the margins had been hit by "the absence of a major international football tournament," with last year's revenues boosted by Euro 2016. It also blamed sporting results that went "in favour of punters" toward the end of the European football season and during the recent Aintree horse racing festival, which includes the Grand National (FT, 8/2). In London, Josie Cox reported financial company ETX Capital senior market analyst Neil Wilson said a drop in net revenue for the online division was a "particular concern because retail accounts for more than half of overall revenues for William Hill." It is also the part of the business that includes the "highly lucrative fixed-odds betting terminals." However, Philip Bowcock, who was promoted from CFO to CEO in March, "struck a more optimistic tone." He said, "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" (INDEPENDENT, 8/2). Also in London, Bradley Gerrard reported William Hill pledged to "spend millions of pounds ramping up its social media presence to entice new customers." Bowcock expects to "plough almost half" of the £40M ($52.9M) in cost savings the company is planning to achieve this year into marketing, with a "particular focus on social media platforms such as Twitter and Facebook." William Hill's #YourOdds initiative, which allows gamblers to ask for odds on a specific bet via Twitter, has seen 2 million bets placed since it was launched at the beginning of the year. Bowcock added that this type of betting "engaged a younger audience than its traditional retail shop clientele" (TELEGRAPH, 8/2).
