William Hill says profits will be slightly higher than forecast |
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Published
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Tue, 03 Jan 2006 14:10
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LONDON: Bookmaker William Hill Plc. said its core annual profit would beat forecasts, surpassing the guidance it had given in November. The country's largest bookmaker said Tuesday the profits will be slightly above the 230-240 million pounds indicated in the warning.
In a statement, the company said its board is confident about 2006 prospects with the successful completion of the integration of Stanley Retail Betting and the rollout of electronic point of sale and text systems, which are expected to bring in business benefits.
The football World Cup will fetch additional revenue and there is scope for customer acquisition, it added.
The company had said on November 17 that it had encountered unfavourable sporting results along with other betting chains and hence lowered profit expectations from 240-260 million-pound range.
The company is set to report its full-year results on 2 March.
William Hill's chief executive David Harding said football and horseracing in December had helped it to reverse the trend to some extent.
He also claimed the company had phenomenal growth in its online poker business, especially in Britain and Europe, while its internet casino and online sports-betting businesses are doing well. The company had acquired 624 betting shops from Stanley Leisure and their rebranding is now complete. This gives the company an edge over others as it is readying for the June World Cup soccer.
The company's statement on profits gave a fillip to its shares, which rose as much as 14.5 pence to 550 pence in London.
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