William Hill full-year profit drops
UK bookmaker William Hill said full-year profit dropped 74pc as city-center customers bet less in the recession and the company wrote off goodwill on its telephone-wagering assets.
Net income fell to £61.1m (€68m) from £234m in the 12 months ended December 29, the company said in a statement today.
The company took one-time charges against earnings totalling £76.6m for telephone and Irish assets.
Retail customers cut back on wagers in the recession in Ireland and the UK William Hill’s telephone operations lost £1.8m last year on competition from bet exchanges and offshore rivals, the company said.
“Our telephone business has continued to be impacted by the uneven playing field benefitting offshore competitors and betting exchanges,” the company said in the statement.
“We are committed to continuing to operate this business, which serves a higher-staking and loyal customer base, and are reviewing our options for returning this channel to an acceptable level of profitability.”