William Hill full-year profit down 15% as Mr Green acquisition nears
Hills says Online business demonstrated “good underlying performance” as bookmaker feels punch on UK high street
William Hill today hailed the strong “underlying performance” of its Online division during 2018 despite the UK bookmaker announcing full-year group operating profit was expected to be down 15% year-on-year.
In a trading update this morning, the London-listed operator said adjusted operating profit for 2018 was predicted to be c£234m, in line with previous guidance in the range of £225m-£245m.
Hills reported retail profits had reduced year-on-year after a tough 12 months on the UK high street, although it said underlying group performance increased c4% YoY after stripping out costs of Online due diligence measure and US expansion.
“2018 was a pivotal year for both William Hill and the wider industry. We now have greater clarity around the key challenges and opportunities for our business,” Philip Bowcock, William Hill CEO, said.
He added: “In 2019 we will remodel our Retail offer while building a digitally-led international business, underpinned by a sustainable approach as part of our Nobody Harmed ambition.
“With rapid expansion underway in the US, building on profitable foundations, and the acquisition of Mr Green nearing completion, we look forward to making further progress this year.”
William Hill today announced it had completed its recommended public cash offer to the shareholders in the Stockholm-listed company which, when completed, will see Hills use Mr Green’s Malta headquarters as its new international hub post-Brexit.
Hills’ share price was down 3.38% to 169.85 on the London Stock Exchange at the time of writing.