William Hill report 15 per cent fall in adjusted operating profit for 2018

Shares in William Hill fell on Monday after the bookmaker revealed their adjusted operating profit for 2018 to be 15 per cent lower than the previous year, with high street worries taking their toll.

In a trading update on Monday, the company said operating profit from continuing operations would be approximately £234 million, in line with the forecast range of £225m-£245m.

Last year the firm warned the combination of regulatory changes involving more stringent checks on online customers and tax changes would hit profits to the tune of £20m in 2018 and a further £25m in 2019.

The government's crackdown on FOBTs, limiting the maximum stake to £2 from £100, will also have a major impact when it takes effect in April with the firm predicting that as many as 900 of their betting shops could close as a result.

Hills said that betting shop profits had already reduced year-on-year, "challenged by wider high street conditions".

However what was described as "excellent growth" in the United States was reported, with the business there now trading in seven states following rapid expansion in regulated sports betting and which "broadly broke even" in 2018.

William Hill are also acquiring elsewhere, swooping for Swedish-listed online gaming firm Mr Green in a deal worth £242m which they hope to complete shortly.

Chief executive Philip Bowcock said: "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 offer while building a digitally led international business, underpinned by a sustainable approach as part of our 'nobody harmed' ambition.

"With rapid expansion under way in the US, building on profitable foundations, and the acquisition of Mr Green nearing completion, we look forward to making further progress this year."

William Hill's share price dropped by three per cent to 170.55p during morning trading before recovering to 172.9p, down 1.65 per cent, at close.

Get exclusive insight from the track and live tipping with our up-to-the-minute Raceday Live service on racingpost.com and the Racing Post mobile app