William Hill reported strong H1 20 numbers, with revenue and profits ahead of estimates. Revenue was down 32%, a significant improvement vs the 57% drop seen in the weeks immediately following the lockdowns. The adjusted EBIT came in at £11.8m, thanks to better-than-expected savings from cost control. The net debt/EBITDA ratio is down to 2.1x (vs 2.4x at FY19 end). Following the H1 performance, we will be raising our profit estimates to account for the impact of the recent cost controls

06 Aug 2020
H1 20 profits surprise; online to the fore

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H1 20 profits surprise; online to the fore
- Published:
06 Aug 2020 -
Author:
Virendra Chauhan -
Pages:
3 -
William Hill reported strong H1 20 numbers, with revenue and profits ahead of estimates. Revenue was down 32%, a significant improvement vs the 57% drop seen in the weeks immediately following the lockdowns. The adjusted EBIT came in at £11.8m, thanks to better-than-expected savings from cost control. The net debt/EBITDA ratio is down to 2.1x (vs 2.4x at FY19 end). Following the H1 performance, we will be raising our profit estimates to account for the impact of the recent cost controls