The Scotsman
BRITAIN's biggest bookmaker William Hill today said it planned to return between £200 million and £300m to shareholders over the next 18 months as it logged a six per cent fall in first-half profit.
Profit before finance charges and exceptional items was £123.9m in the six months to June 28, compared to £132.5m in last year's first half. But gross win rose 5.5 per cent in the nine weeks to August 30, as sporting results improved relative to those seen in the first five months of the year, added William Hill, which became the UK's largest bookmaker in May when it bought 624 betting shops from rival Stanley Leisure.
Chairman Charles Scott said: "In common with other bookmakers, the group's results in the period were adversely affected by sporting results, compared to generally more favourable results and the Euro 2004 football tournament in the first half of 2004."
The firm said it was progressing well with the integration of the Stanley outlets, which it bought for £504m after scrapping earlier plans to return around £450m to shareholders.
The company is also continuing its programme to install electronic point of sale tills and new audiovisual text systems, which is proceeding in accordance with its expectations and is approaching two-thirds completion.
Analysts had been expecting a fall in profits for William Hill after Hilton Group last month reported a 6.3 per cent drop in first-half earnings at its Ladbroke's gaming arm.
Ireland's Paddy Power also reported a dip in first-half profits last week, blaming poor horse racing results.
William Hill increased its interim dividend by 11 per cent to 6.1 pence a share.
