9th Jan 2017 07:11
LONDON (Alliance News) - Bookmaker William Hill PLC on Monday said its operating profit for 2016 was at the low end of its guidance after its gross win margin was weaker than anticipated in the final weeks of the year.
The mid-cap group said its operating profit for 2016 was around GBP260.0 million, at the bottom of its GBP260.0 million to GBP280.0 million guidance.
In the nine weeks to the end of December, wagering trends were in line with the rest of the year, but William Hill said its gross win margin was hit by unfavourable football and horseracing results in December.
"Importantly, the improvements we saw in wagering in Online and Australia in the second half have continued in recent weeks. However, all four divisions saw customer-friendly results at the back end of the year, which translated into profits being circa GBP20.0 million below our prior expectations," said interim Chief Executive Philip Bowcock.
"With key underlying trends continuing to be positive, the recent run of sporting results have not changed our confidence in a better performance in 2017," he added.
William Hill will publish its 2016 full-year results on February 24.
By Sam Unsted; [email protected]; @SamUAtAlliance
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