17th Jan 2014 08:02
LONDON (Alliance News) - William Hill PLC Friday joined rival Ladbrokes PLC in warning that football results had gone badly against it in the second week of this year, taking some of the sheen off otherwise strong trading results.
The bookmaker warned that it recorded a GBP13 million loss in week two of 2014 after an unusually high number of odds-on favourites won their matches. It said it can't be sure it will make up the loss.
William Hill's performance for the fourth quarter of 2013 was better, and it continued to outperform its big rival.
Total net retail revenue was up 6% in the 13 weeks to December 31 compared with a 14 week period the year earlier, or up 13% on an exact 13 week basis. Its online total net revenues rise 6% and 14% over the same comparative periods.
It said it saw 38% more wagered in Sportsbook over the 13 weeks comparison.
For the whole of 2013, William Hill said it expects operating profit to be about GBP334 million on a 16% increase in revenues. It expects to book GBP18.6 million in exceptional items, in line with its previous guidance, although the value of its investment property portfolio has fallen GBP1.4 million.
Betting rival Ladbrokes said Thursday that it expects the group's full-year operating profit to be somewhere in the middle of analysts' current forecasts of between GBP129.8 million and GBP151 million, a slightly wider guidance than the one it gave in November of between GBP138 million to GBP151 million.
William Hill expects to put out its full results for 2013 on February 28.
By Steve McGrath; [email protected]; @SteveMcGrath1
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