William Hill has announced its full-year adjusted operating profit for 2018 will be around £234m, down 15 per cent on the previous year.
That result is in line with guidance in the range of £225m to £245m. Underlying profit was up four per cent year-on-year – excluding the impact of enhanced due diligence measures in the online business and the costs involved in US expansion.
In a trading statement, William Hill said its online division delivered a “good underlying performance”, while commenting on “excellent” growth in its US existing business. The group is currently live in seven US states, with the overall US business broadly breaking even.
Retail profits reduced year-on-year, with wider high street conditions challenging.
William Hill’s final 2018 results will be announced on Friday, March 1, 2019.
Meanwhile, William Hill has completed the recommended public cash offer to the shareholders in MRG and extended the acceptance period.
The offer has been accepted to such extent that William Hill, following completion, will hold approximately 92 per cent of the shares and votes in MRG. All conditions for the completion of the offer have thus been met, including the condition regarding a minimum acceptance level of 90 per cent.
The acceptance period for the offer runs up to and including January 31, 2019.
