Betting and gaming company William Hill Plc (WMH.L), Wednesday, in a trading update for the fourth quarter ended December 29, said group net revenue for the period increased 6% from last year. The company also noted that Charles Scott will be stepping down as chairman by the end of 2010. Net revenue for the quarter includes results from the expanded online business in 2009, compared to standalone William Hill interactive business in 2008. The UK-based company delivers its products through three channels: Retail, William Hill Online and telephone betting. The company noted that William Hill Online delivered a strong performance in the fourth quarter. William Hill Online provides internet-based sports betting, casino, poker and bingo. According to the company, gross win margins for the fiscal year returned to the normal 17%-18% range. Earnings before interest and tax or EBIT for the full year was about 35% higher than the year earlier.
The board currently expects full year EBIT to be around GBP 250 million and earnings before interest, tax and amortization, or EBITA, of nearly GBP 255 million. The company anticipates full year Group net revenue to have increased by about 4% from the prior year. William Hill intends to release its preliminary announcement of the 2009 results on February 23. In mid October, the company had announced its third-quarter results and said its net revenue for the quarter slipped 3% from last year, hurt by unfavorable results for bookmakers in football and horse-racing as well as absence of draws in the Premier League. The bookmaker noted that during the third quarter, gross win and net revenue margins across the business were hit by sporting results going in the customers' favor. In August, the company reported that its first-half pre-tax profit fell to GBP 91.5 million from GBP 111.1 million in the same period a year ago. Profit for the period attributable to equity shareholders of parent was GBP 58.7 million, compared to GBP 79.7 million in the year-ago period. Earnings per share were 9.9 pence, lower than last year's 16.1 pence. Revenue for the first half was GBP 7.75 billion, down from GBP 7.78 billion in the prior year period.
In addition, William Hill said today that Charles Scott, who has been the company's director since 1999 and chairman since 2004, has informed the board that he will be stepping down as chairman by the end of 2010. Accordingly, the board has initiated the process of appointing a successor to Scott and said it will make further announcement when appropriate. Charles Scott said, "I have served on the Board since before William Hill's flotation in 2002 and as Chairman for the last six years. The business is in excellent shape. I plan to step down when a suitable replacement has been found which I expect to be during the coming year."
Separately, William Hill said it has appointed Investec Bank Plc as corporate broker alongside Citi, with immediate effect. WMH.L is currently trading at 192 pence, up 6.4 pence or 3.45%, on a volume of 749 thousand shares. In the past 52 weeks, the shares have been trading in a range of 160.5 pence-269.25 pence on the LSE.
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