Key facts
- William Hill's group net revenue declined 3% in the latest quarter.
- The company lost £2.2 million on the Premier League winner market due to Leicester City's victory.
- William Hill expects 2016 operating profit to be between £260 million and £280 million.
William Hill reported a 3% drop in group net revenue for its latest quarter, attributing the decline partly to unfavorable results at the Cheltenham horse racing festival and in European football, including the strong performance of Manchester City. The bookmaker confirmed a £2.2 million loss on the market for the Premier League winner due to Leicester City's unexpected victory. Despite this, the company stated that many other betting markets within Premier League matches are profitable. CEO James Henderson acknowledged a challenging start to the year for the online division, impacted by regulatory changes and lower win margins. William Hill anticipates its 2016 operating profit will fall to between £260 million and £280 million, compared to £291 million in the prior year. Shares have fallen 20% year-on-year following a profit warning in March.