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Unfavourable Sports Results Hit William Hill Profits

Unfavourable Sports Results Hit William Hill Profits

William Hill’s profits in 2016 were £20 million below expectations as a tumultuous year was made worse with unfavourable football and racing results in December.

The bookmaker has said that its full year operating profit was around £260 million, at the lowest end of its predictions. It marks a drop of more than £30 million from the £291.4 million profit posted in 2015 and follows the scrapping of its multibillion pound merger deal with Amaya in October.

In a trading statement released on Monday the bookmaker said that underlying trends are still encouraging but said that gross win margins for the end of the year were below expectations as sports results went against them. The bookmaker insisted that it is confident of a better performance this year and that it will announce its final results for 2016 on February 24th.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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