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William Hill HY Pre-tax Loss Narrows

William Hill PLC (WMH.L) reported that its loss before tax for half-year results for the 26 weeks narrowed to 63.5 million pounds from last year's 819.6 million pounds. The prior year result included an impairment charge of 882.8 million pounds recognised in the Retail segment following the announcement of the UK Government's decision to reduce the maximum stake on B2 gaming products under the Triennial Review.

Adjusted profit before tax fell 47% to 50.8 million pounds from the previous year.

Statutory loss after tax also narrowed to 61.2 million pounds from 803.3 million pounds in the prior year.

Adjusted earnings per share fell 42% to 5.3 pence. On a statutory basis, loss per share were 7.1 pence, compared to a loss per share of 93.5 pence in the prior year.

Group grew revenue by 1% in the period to 811.7 million pounds from last year.

The company now expects adjusted operating profit for the year to be in the middle of the 50 million pounds -70 million pounds range previously guided.

The company expects the Group's full-year performance will be in line with its previous guidance, assuming normalised gross win margins in the remainder of the year.

Georgina Harvey has informed the company that she will step down as Chair of the Remuneration Committee of William Hill, with effect from 9 October 2019 and from the Board, with effect from 31 December 2019.

Lynne Weedall will succeed Georgina Harvey as Chair of the Remuneration Committee, with effect from 9 October 2019.

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