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William Hill shares dive on profit alert William Hill shares dive on profit alert
(about 3 hours later)
(Open): Shares in William Hill sank 13% after the bookmaker warned on profits. (Noon): William Hill shares have dived more than 10% after the bookmaker warned on profits.
It said online trading had been hit by tougher regulation and "the worst Cheltenham results in recent history".It said online trading had been hit by tougher regulation and "the worst Cheltenham results in recent history".
It now expects full-year operating profit to be between £260m and £280m, down from £291.4m last year. As a result, the FTSE 250 company saw its shares drop nearly 50p to 321.50p. It now expects full-year operating profit to be between £260m and £280m, down from £291.4m last year. As a result, the FTSE 250 company saw its shares drop nearly 40p to 331p.
However, London's benchmark index, the FTSE 100, rose 12.67 points to 6,205.41 in early trade. However, the benchmark FTSE 100 was 12.21 points higher at 6,204.95.
Top riser on the FTSE 100 was B&Q owner Kingfisher. Its shares rose 2.5% despite reporting a 20% drop in full-year profits to £512m. Top riser on the FTSE 100 was B&Q owner Kingfisher. Its shares rose 3.9% despite reporting a 20% drop in full-year profits to £512m.
However, when restructuring costs were stripped out, underlying profits were a better-than-expected £686m.However, when restructuring costs were stripped out, underlying profits were a better-than-expected £686m.
William HillWilliam Hill
William Hill said there were two main factors behind the weaker-than-expected performance from its online business.William Hill said there were two main factors behind the weaker-than-expected performance from its online business.
It said it had seen "an acceleration in the number of time-outs and automatic self-exclusions over recent weeks", measures which allow punters to halt gambling with a bookmaker.It said it had seen "an acceleration in the number of time-outs and automatic self-exclusions over recent weeks", measures which allow punters to halt gambling with a bookmaker.
William Hill said that while the trend was "still evolving, we estimate that, should these trends persist around current levels, the consequent lower revenues will reduce online's profits by £20-25m in 2016".William Hill said that while the trend was "still evolving, we estimate that, should these trends persist around current levels, the consequent lower revenues will reduce online's profits by £20-25m in 2016".
Secondly, its profit margins were lower than expected because of European football results and last week's Cheltenham horseracing festival, where bookmakers were hit by large a number of favourites winning races.Secondly, its profit margins were lower than expected because of European football results and last week's Cheltenham horseracing festival, where bookmakers were hit by large a number of favourites winning races.
William Hill said that despite its online problems, the broader group continued "to trade well" and was in line with expectations.William Hill said that despite its online problems, the broader group continued "to trade well" and was in line with expectations.
The company also said it was in "advanced discussions" to invest in Openbet, a gaming software firm.The company also said it was in "advanced discussions" to invest in Openbet, a gaming software firm.
Currencies Sterling weak
Elsewhere on the London market, shares in Sports Direct were having another bad day, down a further 7% after dropping about 10% on Tuesday.
Earlier the retailer had issued a statement saying that it expected full-year underlying earnings to be "at or around the bottom" of a previously estimated range. The statement was issued following comments that founder Mike Ashley made to the Times newspaper on Tuesday.
On the currency markets, the pound remained weak after having fallen sharply on Tuesday in the wake of the terror attacks in Brussels, which were seen as increasing the likelihood of the UK voting to leave the EU.On the currency markets, the pound remained weak after having fallen sharply on Tuesday in the wake of the terror attacks in Brussels, which were seen as increasing the likelihood of the UK voting to leave the EU.
On Wednesday, sterling fell half a cent against the dollar to $1.4166. Against the euro, it was flat at €1.2671. On Wednesday, sterling fell nearly half a cent against the dollar to $1.4174. Against the euro, it was flat at €1.2673.