William Hill says it's on to a winner

Bookmaker William Hill yesterday hailed "excellent" trading after its retail arm performed well in the face of consumer uncertainty.

The group, which employs 16,000 people and has 2,350 betting offices, said retail underlying earnings rose 24 per cent on net revenues 8 per cent higher thanks to an increase in over-the-counter betting and from gaming machines.

It continues to see strong demand for its online gambling sites, with revenues in the business up 26 per cent and underlying earnings 28 per cent ahead on a year earlier.

Total group earnings lifted 21 per cent - a result that came despite a poor Cheltenham Festival for bookies last month. Ladbrokes said last week it saw a 10.7 million drop in net revenues from the festival as more favourites came in.

Chef executive Ralph Topping said: "We have seen excellent growth across our business in the first quarter, enabling us to remain confident in our expectations for the full year."