🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

William Hill's FY adjusted profit plunges 91% on pandemic hit

Published 04/03/2021, 07:20
Updated 04/03/2021, 08:50
© Reuters. FILE PHOTO: A man walks past a branch of bookmaker William Hill in central London

(Reuters) - British bookmaker William Hill, which is being taken over by Caesars Entertainment Inc, posted a 91% fall in annual adjusted pre-tax profit on Thursday as it business struggled due to a lack of global sporting events and shop closures.

The company, which operates around 1,400 betting shops in the UK, reported an adjusted pre-tax profit of 9.1 million pounds ($12.71 million) for the year ended Dec. 29, compared with 96.5 million pounds a year earlier.

Online betting, however, has enjoyed a boost as coronavirus restrictions encouraged customers to bet more from home, with the company's online net revenue rising 9%.

"We anticipate that the systemic and structural change in our customers' behaviour will outlive the pandemic as they conduct more business and access more leisure activities online, and thus expanding our opportunities," the company said.

It also said momentum built towards the end of 2020 in the United States has been sustained in the first weeks of 2021, with staking during the Superbowl nearly doubling compared with last year.

Its betting shops will reopen from April 12, Chief Executive Officer Ulrik Bengtsson told reporters on a call, in line with government guidance on the reopening of non-essential shops then.

Caesars last year agreed to buy the company for 2.9 billion pounds to expand in the fast growing sports-betting market, with the deal expected to complete in the second quarter of 2021 or as early as March.

© Reuters. FILE PHOTO: A man walks past a branch of bookmaker William Hill in central London

($1 = 0.7162 pounds)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.