StockMarketWire.com - Gambling company William Hill said its revenue had fallen sharply, partly owing to a cancellation of live sporting events due to the Covid-19 pandemic.

Revenue for the 17 weeks to 28 April had dropped 27%, the company said in a trading update, including a 57% plunge in weeks 11 to 17.

William Hill said its covenants on its revolving credit facility had been waived for 2020 and reset for 2021.

Monthly 'cash burn' had been reduced to around £15m per month, with liquidity in excess of £700m.

Chief executive Ulrik Bengtsson said the company had taken immediate measures to save costs, by negotiating with suppliers, cancelling pay rises and executive bonuses and suspending its dividend.

'We have preserved liquidity and amended the terms of our net debt covenant, leading to significant, balance sheet headroom,' he said.

'This will enable us to continue to invest for growth, most notably in the US, as plans there to roll out sports betting continue apace.'




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