William hill, great britain bookmaker, would be to shut 119 stores forever and merge its retail and on the web businesses after the pandemic lockdown accelerated a trend towards online gambling.
But the company said on wednesday that a solid data recovery since recreations accessories resumed will allow it to repay 24.5m in furlough funds it got from the government to pay for its 7,000 workers through the lockdown period.
I do believe its an unbelievable overall performance not having to close more [shops], said ulrik bengtsson, william hill chief executive. clearly footfall regarding the high street is going to be forever down and in our base situation we said we believe it should be between 10 [and] 20 percent down but our estate now should be able to cope with that.
Just 16 workers would drop their jobs along with the rest moved to other roles, he added.
William hill reported a 32 per cent year-on-year fall in revenue to 554.4m inside 6 months into the end of june. the bookmaker obtained a pre-tax revenue of 141.1m, but up from a loss of 63.5m in identical period this past year, because of a vat reimbursement of approximately 200m after a tribunal unearthed that it and competing gvc holdings had overpaid tax on fixed-odds wagering terminals for at the very least eight years.
Minus the boost from income tax refund, it reported a 14.2m pre-tax loss.
Shares in group were up 2.5 per cent at lunch in london, but they are down 38 per cent thus far this present year.
The 86-year-old bookmaker was diversifying off its real estate market of the uk, in which political leaders are considering wide ranging reforms to your countrys gambling regulations.
Couple of years ago, william hill made 85 % of its earnings in the uk, a share that includes dropped to 61 % after growth in the us, in which recreations wagering was made appropriate in 2018, and the purchase of this swedish wagering business mr green for 242m in 2019.
Mr bengtsson described the uk as tremendously very difficult marketplace and stated which he aimed to expand the worldwide company to take into account around half the companys earnings, although he had perhaps not set a due date with this.
Last year william hill closed about 700 high street shops after guideline changes around fixed-odds wagering terminals struck profits, leaving it with a shop estate of roughly 1,500.
In america, it intends to start betting functions in illinois, washington dc and colorado this year and has gained through the completion of a $17.3bn merger final thirty days between your casino organizations eldorado, with who it finalized a partnership in 2018, and caesars, that'll enable william hill to gain usage of 25 us states.
This article happens to be updatedto correct the figure provided by william hill about the wide range of job losings