William Hill announced soft sales numbers for the 12-week period ending 29 September. Revenue declined by 27%, driven by a 39% drop in retail revenue, the latter being hurt by pandemic-induced shop closures in addition to the closures from the triennial impact in Q4 19. An improved liquidity position was the one bright spot with the company well on course to achieve its year-end net debt/EBITDA target of 1-2x. Following the latest update, we will be lowering our FY20 estimates.
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Q3 20: unimpressive online but retail is recovering strongly
- Published:
30 Oct 2020 -
Author:
Virendra Chauhan -
Pages:
3
William Hill announced soft sales numbers for the 12-week period ending 29 September. Revenue declined by 27%, driven by a 39% drop in retail revenue, the latter being hurt by pandemic-induced shop closures in addition to the closures from the triennial impact in Q4 19. An improved liquidity position was the one bright spot with the company well on course to achieve its year-end net debt/EBITDA target of 1-2x. Following the latest update, we will be lowering our FY20 estimates.