Financial News

UK bookmaker William Hill has reported a 31 per cent drop in group operating profit for the third quarter of 2013, approximately £20m below expectations following significant declines in both online and retail, with the company warning that it may not be able to recoup the shortfall before the end of the year.

Group net revenue increased by 10 per cent compared to last year, but is up just 4 per cent on an underlying basis following the transition from VAT and Amusement Machine Licence Duty to Machine Games Duty earlier this year.

The company posted revenue declines in both its retail and online businesses, with unfavourable results, particularly in football, leading to lower than expected gross win margins for both channels.

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