By Anthony O. Goriainoff
William Hill PLC said Wednesday that its adjusted profit and revenue fell sharply in the first half of 2020 and it will close 119 shops in the wake of the coronavirus pandemic.
The U.K. betting company said that in the six months to June 30, its pretax profit was 141.1 million pounds ($184.4 million) compared with a loss of GBP63.5 million for the first half of 2019.
Adjusted operating profit--the company's preferred metric which excludes exceptional costs--was GBP11.8 million compared with GBP76.2 million the year before.
Revenue in the period was GBP554.4 million compared with GBP811.7 million in the year-prior period and a forecast of GBP532.4 million taken from FactSet and based on one analyst estimate.
William Hill said that it has revised its estate analysis to incorporate its base-case scenario where it expects retail footfall to return to around 80% of pre-Covid-19 levels, and that as a result 119 U.K. shops will not reopen. The company said that it will redeploy the majority of affected colleagues throughout the remaining estate.
The company said that international online has maintained its strong momentum in recent weeks and that U.K. online has made good progress in July following a robust first half.