Online growth for William Hill as profit dips

Published on Tuesday 4 August 2009 21:44

WILLIAM Hill, Britain's largest bookmaker, warned it was likely to miss profit targets this year because of poor results from major sporting fixtures and a slowdown in high-street gambling. The group posted pre-tax profits of £91.5 million for the six months to the end of June, down from £111.1m a year earlier, as snow cancelled race meetings and more favourites won races.

Hill said trading in July had been generally weak, and it was concerned about the impact of rising unemployment and falling consumer spending on its business.

Chief executive Ralph Topping said: "The economic environment remains tough and makes it difficult to predict any clear trends.

"While we have shown resilience in the first half, as we look to the balance of the year we are cognisant of rising unemployment and constraints on consumer spending generally, as well as a weaker horse-racing product."

Revenue at Hill's high-street business dropped 1 per cent in the first half, but its online business, being transferred to Gibraltar to save tax, saw stronger growth, with revenue increasing 58 per cent to 100.1m.

William Hill was hit by the cancellation of about a third of horse-racing fixtures in January and February due to weather.