William Hill predicts profits slump

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William Hill predicts profits slump


Stock image: PA
Stock image: PA

BRITISH bookmaker William Hill has said it would remodel its retail business in 2019, after it warned full-year 2018 adjusted operating profit was expected to be about 15pc lower than a year earlier.

The company had cut its profit forecast in November due to tightening regulations at home, particularly on lucrative fixed-odds betting terminals, and warned of more losses in the United States.

On Monday it said its U.S. business had broadly broken even in the year. European gambling companies have been looking to expand across the Atlantic in light of regulatory curbs in Britain.

William Hill said 2018 adjusted operating profit from continuing operations would be £234m (€265m ), slightly higher than company-supplied analyst estimates of £232.2m.

Profit was lower in its retail business due to tough main -street conditions and the offering would be remodelled in 2019 as the firm sought to become a “digitally-led international business”, the company said.

Reuters

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Irish Independent

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