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William Hill Full Year Report
WILLIAM HILL OPERATING PROFITS DOWN GBP 30 MILLION IN LATEST FULL YEAR REPORT
Unfavorable football and horse racing results mar the balance sheet.
In a trading update Monday, online and land gambling group William Hill plc reported that its FY 2016 operating profit was down GBP 30 million year-on-year following unfavorable results in football and horse racing.
The company said its full-year operating profit for 2016 would be around GBP 260 million, at the bottom end of its guided GBP 260 million to GBP 280 million range, marking a decline of over GBP 30 million from the GBP 291.4 million operating profit posted in 2015.
The update notes the failed multi-billion-pound merger negotiation with Canadian online poker giant Amaya in October.
The company issued a profit warning in March this year, less than a week after the end of the Cheltenham Festival, the centerpiece of the horseracing calendar. In November, it said it expected operating profit to be at the higher end of its guidance range, said gross win margins were below expectations.
Whilst imparting some bad news, the trading statement Monday, reported that underlying trends “remain encouraging” but said gross win margins for the end of the year were below expectations as football and horseracing results went against bookmakers.
“Importantly, the improvements we saw in wagering online and Australia in the second half have continued in recent weeks,” said Philip Bowcock, interim CEO. “However, all four divisions saw customer-friendly results at the back end of the year, which translated into profits being GBP 20 million below our prior expectations.
“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.”
The company will announce its full final results for 2016 on February 24.
Gambling News :
Live Dealer Now At Slotocash -
Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
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