William Hill has big jump

Published on Monday 6 September 2004 12:18

WILLIAM Hill, Britain’s second-biggest betting shop chain, has reported a rise in half-year profits of nearly 40 per cent, but said growth in its winnings had slipped during July and August.

The company, which runs around 1600 UK betting shops and offers telephone and online gambling, reported pre-tax profits of 118.4 million for the 26 weeks to June 29, compared with forecasts of 113m-116m.

The group reported that its gross win - the amount left behind by its customers after betting - rose 18 per cent in the half year. But in the eight weeks to August 24, the gross win was up just eight per cent as UK horse-racing results were not as favourable as those in the first half.

"The board remains confident in the outlook for the group and consistent with its commitment to return value to shareholders," said chief executive David Harding.

The interim dividend rose 57 per cent to 5.5 pence a share, while by last Friday, the group had repurchased some 3.4 per cent of its issued share capital.