William Hill Group CFO leaves for Element Materials Technology

William Hill CFO steps down, despite trading update exceeding market expectations

William Hill said it has commenced a search for a new chief financial officer. According to earlier projections, the gambling operator was expected to record annual profit of around £130 million.

Company officials are satisfied with the "good progress" made in view of the challenging regulatory environment it has been operating in.

BOYLESPORTS have agreed to buy 33 betting shops in the north from William Hill for an undisclosed sum.

It was after this that Prior was taken on by William Hill as a member of the board and group executive team, responsible for procurement functions and group assurance, as well as developing the company strategy and delivering transformation initiatives.

In its latest update, the betting firm said that its retail business is now expected to post profits ahead of its forecast of between £50m and £70m.

However, its online global business performance was mixed, with net revenue expected to be broadly flat on a pro forma basis in the fourth quarter. William Hill said weakness in gaming net revenue was offset by a strong sporting gross win margin.

The bookmaker saw mixed performance of its global online operations last year, saying that it now expects net revenue to be broadly flat during the fourth quarter of the year. William Hill's global sports betting revenue was weak, but its gaming offering enjoyed good performance driven by Mr Green, the Swedish online gambling group that William Hill acquired early in 2019. "We now expect to be break even for the USA business overall in 2019, compared to the guided range of $0m to -$20m", it noted.

William Hill is one of the few operators not burning cash while trying to establish market share in the United States thanks to the strength of its existing business in Nevada and its speed to market with retail options.

Prior's resignation is "a material negative", the analysts said, while also saying the online business "has been turning around for so long it is hard to tell if it is turning around or bogged down".

Group CEO Ulrik Bengtsson attributed the updated projection to "wagering growth and disciplined investment".



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