Bookmaker William Hill saw pre-tax profits increase 28% to £100.7 million ($132.2 million) in half-year results released on Friday.
The company said profits rose after a expected showing at Euro 2016, which generated £36 million worth of “gross wins.” Overall revenue increased 1% compared to the same period last year to £814.4 million.
The strong figures follow similar good news from Ladbrokes, which announced a 61% rise in profits to £39.8 million.
William Hill’s rival also put the jump down to Euro 2016, as well as Leicester City’s shock Premier League win making gamblers more adventurous in the upcoming season’s betting markets.
The strong financials make a change from the beginning of the year when bookmakers were stung by horse-racing, with Ladbrokes saying it had “the worst Cheltenham Festival in living memory.”
William Hill fired its CEO James Henderson last month. He had only been at the company for two years but reports suggested the board was unhappy with his failure to deliver online and international growth.
Philip Bowcock, Interim Chief Executive Officer of William Hill, said this was something the company wanted to put right in the future:
“Looking ahead, our immediate priorities are to continue the recovery in Online, to leverage our technology improvements across the business and to advance a focused approach to international growth. Trading is in line with our full-year expectations and we have a strong team in place to deliver on the opportunities before us and to improve the business for the long term. In addition, we see opportunities to benefit from increased efficiencies in certain areas of the business.”
William Hill shares were up slightly in early trading on Friday:
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.