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Jan. 13, 2020, 2:40 a.m. EST

William Hill sees 2019 adjusted profit ahead of expectations

Chief Financial Officer Ruth Prior will step down

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By Adriano Marchese


Getty Images
Men arrive to place their bets at the Monmouth Park Sports Book on the first day of legal sports betting in the state, in Monmouth Park in Oceanport, New Jersey on June 14, 2018.

William Hill PLC said Monday that full-year adjusted operating profit is expected to be ahead of market and management expectations, and that Chief Financial Officer Ruth Prior intends to step down.

The London-listed bookmaker /zigman2/quotes/201135907/delayed UK:WMH +12.64%  said it expects its 2019 adjusted operating profit--a metric which excludes exceptional costs--to be in the range of 143 million pounds and GBP148 million ($186.7 million to $193.2 million).

This compares with GBP130 million which was the consensus operating profit based on Bloomberg estimates as at Jan. 10, according to the company.

The company said its retail business generated operating profit above the guided range of GBP50 million and GBP70 million, benefiting from a remodeling strategy. William Hill also said sporting results in December were particularly favorable, above the long-term gross win margin range.

However, its online international business performance was mixed, with net revenue expected to be broadly flat on a pro forma basis in the fourth quarter.

In its U.S. business, the company generated strong growth driven by wagering growth and investment. As a result, it expects to break even for the U.S. business overall in 2019.

Meanwhile, the company said that it has begun a search for Prior’s replacement and her departure date will be determined in due course. Prior has been with the company since 2017.

/zigman2/quotes/201135907/delayed
UK : U.K.: London
106.40 p
+11.94 +12.64%
Volume: 8.72M
April 9, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
2.50%
Market Cap
£825.32 million
Rev. per Employee
N/A
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