(Alliance News) - William Hill PLC said Monday it expects profit to be ahead of expectations, driven by favorable sporting results, and announced the departure of its Chief Financial Officer Ruth Prior.
In a trading statement for 2019, the bookmaker said adjusted operating profit from continuing operations is expected to be in range of GBP143 million to GBP148 million, ahead of market and management expectations.
The company attributed this to favourable sporting results through the year end. In 2018, adjusted operating profit came in at GBP266.8 million.
The company said the retail business, having executed the remodelling strategy, generated operating profit above the guided range of GBP50 million to GBP70 million, as it experienced "favorable sporting results in December, above the long term gross win margin range".
Online UK grew in line with the market for the third consecutive quarter, while weakness in gaming net revenue was offset by a strong sporting gross win margin, the bookmaker said.
Meanwhile online International performance was mixed, with revenue expected to be broadly flat during the quarter, the company noted.
Ulrik Bengtsson, chief executive officer, said: "The group has delivered a strong operating performance, ahead of our expectations and against a challenging regulatory backdrop."
In a separate statement, William Hill announced the departure of Chief Financial Officer Ruth Prior.
Prior, who had joined William Hill in October 2017, will return to the private equity sector, joining Element Materials Technology Ltd as chief financial officer.
The company said Prior's contract requires her to give 12 months notice period and her departure date will be determined in due course.
William Hill said it has commenced a search for a new chief financial officer.
William Hill will publish its annual results on February 26.
William Hill shares were up 1.4% in London at 186.85 pence each on Monday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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