William Hill launches cash call as revenue growth improves
William Hill announced a share placing on Tuesday to bolster its balance sheet by 245 million pounds, as it reported an improvement in group revenues.
The company said it plans to issue up to 19.99% of its existing share capital in a placing being conducted through an accelerated bookbuild, with Barclays and Citi acting as joint global coordinators and joint bookrunners.
“During March and April customers continued to place bets on alternative products such as table tennis, that activity has remained high alongside the return of horseracing and football,” the company said.
Total net revenue growth dropped 50% in the six weeks to June 9, compared with a 57% plunge in the preceding seven weeks as online sports wagers improved significantly.
But the company expects the level of sports betting activity to likely remain uncertain for the rest of 2020 and into 2021.
Chief executive officer Ulrik Bengtsson said: “The return of sporting events has driven a strong recovery in our online volumes. Our UK online business is in a better place than ever and our international business is displaying solid growth.
“In the US we have used this period of lockdown wisely to move our product forward and we are now in a strong position to capitalise on the US growth opportunity that lies ahead.”