|The new Chief Executive Officer of UK online gambling group William Hill officiated as the company released its full-year results for 2007 showing a gross win rise of six percent to almost two billion dollars.|
Ralph Topping revealed a rise from $1.84 billion to $1.95 billion but tempered this news by stating that operating profits for 2007 came in two percent lower at $568.34 million as the company struggles with a 17 percent fall in profits caused, in part, by Internet gambling technology issues.
The group's online performance was also disappointing as its gross win fell by $21.21 million from 2006 to $237.49 million while operating profits were also reduced by 17 percent to $100.92 million due principally to the company’s technology being unable to effectively handle in-running betting.
Another drop was experienced in the high roller segment of the company's telephone betting operations where gross win fell by $8.92 million to $105.11 million.
Moving into 2008, William Hill revealed that the first seven weeks showed a four percent improvement in gross wins indicating that the current squeeze on consumer spending has not yet impacted seriously.
The UK-based firm stated that most of its revenues were now coming from fixed-odds betting terminals sited in its over 2,200 betting shops along with its online gambling operations. The retail business reported a gross win of nine percent to $1.59 billion from its operations across the UK and Ireland last year.
Topping dismissed the idea that the firm could solve its long-running technology problems and boost business by buying rival Paddy Power as has been speculated in several news sources recently.
'There's nothing in that, I actually don't see any logic in it,' said Topping when speaking to CityAm.com.