By Adriano Marchese
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.