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William Hill Sees Lower 2018 Adj. Operating Profit; Completes Offer To MRG

William Hill PLC (WMH.L) said that it expects adjusted operating profit from continuing operations for 2018 to be 234 million pounds, about 15% down on 2017. This is in line with guidance, which was for 2018 operating profit to be in the range of 225 million pounds - 245 million pounds. Underlying operating profit increased 4% year on year, excluding the impact of enhanced customer due diligence measures in Online and US Expansion costs.

Overall the US business broadly broke even in 2018 after allowing for significant expansion costs. Retail profits reduced year-on-year, challenged by wider high street conditions, the company said.

Philip Bowcock, CEO, said, ".... In 2019 we will remodel our Retail offer while building a digitally-led international business, underpinned by a sustainable approach as part of our Nobody Harmed ambition. With rapid expansion underway in the US, building on profitable foundations, and the acquisition of Mr Green nearing completion, we look forward to making further progress this year."

The Group's 2018 final results will be announced on 1 March 2019.

On 31 October 2018, William Hill , through a controlled affiliate William Hill Holdings Limited , announced a recommended public cash offer to the shareholders of Mr Green & Co AB (publ) to tender all their shares in MRG to William Hill. The shares in MRG are admitted to trading on Nasdaq Stockholm, Mid Cap.

William Hill noted that 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. William Hill extends the acceptance period for the Offer to and including 31 January 2019, to allow for remaining shareholders to accept the Offer based on this new information.

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