William Hill missed profit estimates
10th January, 2008
William Hill shares have today dropped to a four-year low after the company today announced that it has missed annual profit estimates by two percent. The lower profits were attributed to a ‘disappointing’ performance from its internet gambling division.
A spokeswoman said that analysts has estimated earnings of about £292m, whereas actual earnings before interest, tax and one-time items were about £285m ($557m).
William Hill went on to explain that the internet division had been affected by increased competition, and ‘legacy technology issues’. The bookmaker also told how they have no scrapped plans to upgrade its online betting platform, instead using a ‘third party solution’.
The shares in William Hill fell as much as 7.7%, down 33.25 pence to 400 pence.
