William Hill's 2019 adjusted profit exceeds expectations; CFO steps down

William Hill announced Monday that full-year adjusted operating profit is expected to be ahead of market and management expectations.

Adjusted operating profit —a metric that excludes exceptional costs— was expected to be in the range of GBP 143 M and 148 M (USD 186.7 M to 193.2 M) in 2019. This compares with GBP 130 M which was the consensus operating profit based on Bloomberg estimates as of Jan. 10, according to the company.

The UK-based gambling giant also announced that Chief Financial Officer Ruth Prior intends to step down, the Market Watch reports.

The company’s retail business generated operating profit above the guided range of GBP 50 million and GBP 70 million, benefiting from a remodeling strategy. William Hill also said sporting results in December were particularly favorable, above the long-term gross win margin range.

However, its online international business performance was mixed, with net revenue expected to be broadly flat on a pro forma basis in the fourth quarter.

In its U.S. business, William Hill generated strong growth driven by wagering growth and investment. As a result, it expects to break even for the U.S. business overall in 2019.

Meanwhile, the company said that it has begun a search for Prior’s replacement and her departure date will be determined in due course. Prior has been with the company since 2017.