William Hill has announced that its online business’s disappointing performance could have a negative impact on its full-year profits.
The bookmaker claims that an acceleration in the number of time-outs and self-exclusions together with lower gross win margins have been responsible for the weaker-than-expected performance.
In spite of these negatives, William Hill was keen to point out that the rest of the group continues to trade well, with the company forecast to post an overall operating profit of between £260m and £280m for the full year
More good news was hinted at in the shape of advanced discussions with a partner which would enable the bookmaker to invest in OpenBet.
The company also championed the appointment of Crispin Nieboer as interim managing director in January.
In reflecting on the firm’s announcement, chief executive James Henderson sought to address William Hill’s recent run of disappointments.
“Today’s statement reflects the combined effect of our assessment of the impact of recent regulatory changes and unfavourable sporting results including the worst results at [the] Cheltenham [Festival] in our recent history,” Henderson told the Evening Standard.
“We are also experiencing softer UK growth as a consequence of acquiring lower value customers.
“While the rest of the group is performing in line with our expectations, we continue to focus on improving online’s performance so that we can, once again, outperform the market.”