William Hill Tops Earlier Estimates Thanks to Favorable Sports Results

Daniel Fowler
January 14, 2020

Shore Capital restated a buy rating on shares of William Hill in a research note on Thursday, November 21st.

The company said in today's trading update that it now expects operating profit for the 52 weeks through December 31, 2019 to be in the region of £143 million and £148 million, ahead of both market and management expectations.

The company expects operating profit of between £143m to £148m, thanks to favourable sporting results through the year end.

William Hill has cited strong progress throughout 2019 as it delivers profits ahead of expectation across key markets during a year of transition. The British government last spring reduced the maximum stake on fixed-odds betting terminals to £2 from £100 as part of a larger campaign against the proliferation of gambling in the nation.

Bookmaker William Hill has sold its chain of 33 shops in Northern Ireland to BoyleSports.

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Online UK grew in line with the market for the third consecutive quarter, while weakness in gaming net revenue was offset by a strong sporting gross win margin, the bookmaker said. In contrast to the United Kingdom, gaming revenues were better thanks to a strong performance from Mr Green while sports book revenues were weaker.

Meanwhile online worldwide performance was mixed, with revenue expected to be broadly flat during the quarter, the company noted. Sportsbook revenue was weak, with the firm boosted by a good performance in gaming that was driven by Mr Green.

In a trading update to investors, William Hill, parent of William Hill US, has cited strong progress towards break even status in the American sports betting sector, with expected adjusted profits for 2019 of between $185.6m and $192m for the whole group.

Prior then moved on to Pinewood Shepperton film studios to be independent non-executive director and audit committee chair, which she left after four years to join London-headquartered online payment company Worldpay, in 2013, as deputy CFO.

Ulrik Bengtsson, CEO, commented: "The group has delivered a strong operating performance, ahead of our expectations and against a challenging regulatory backdrop".

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