William Hill concerned over high street after drop in profits

The company is expecting a double digit drop in full year profits as it is set to be hit with a government crackdown on FOBTs.

UK.- William Hill confirmed on Monday that it will likely experience a fall in profits for 2018, saying that it expects a drop in profits as low as 15% when compared to the previous year. The bookmaker also announced a revamp on retail business during the update.

The company revealed that adjusted operating profit is set to total £234 million, lower than the previous year but in line with expectations and between the guided range previously announced of £225 million to £245 million.

The bookmaker said that it will remodel its retail business this year, after it stated that its full-year 2018 adjusted operating profit was expected to be 15% lower than the previous year. The company had already cut its profit forecast in November 2018 after the UK government set new tight regulations for fixed odds betting terminals (FOBTs), and said that it would also experience more losses in the United States.

“2018 was a pivotal year for both William Hill and the wider industry. We now have greater clarity around the key challenges and opportunities for our business. In 2019 we will remodel our retail offering while building a digitally-led international business,” said Philip Bowcock, chief executive of William Hill.