William Hill Profit Beats Forecast

As reported by Bloomberg: "William Hill Plc, the U.K.'s second- largest bookmaker, said annual earnings beat its forecast after a run of winning wagers by customers came to an end last month.

"Operating profit for the year ended Dec. 27 was `slightly' more than the company's estimate of 230 million pounds ($396 million) to 240 million pounds, Chief Executive David Harding said today in an interview. William Hill said in November that profit would be below analysts' estimates after customers won more bets.

"…Shares of William Hill rose as much as 6.6 percent in London as concern about profitability at Britain's bookmakers eased. The stock, along with shares of Ladbrokes owner Hilton Group Plc and Ireland's Paddy Power Plc, slid in November after the companies said earnings were hurt by too many winning favorites.

"…William Hill's shares advanced 32.5 pence to 568 pence at 10:28 a.m. in London, fully erasing their 5 percent drop in 2005. Hilton shares added 3.25 pence to 366.75 pence, while Paddy Power stock gained 58 cents, or 4.8 percent, to 12.68 euros in Dublin…"