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William Hill shares dive 11% on profit alert

(Close): William Hill shares closed down more than 11% after the bookmaker alerted on revenues.

It stated online trading had been hit by harder guideline and "the worst Cheltenham leads to current history".

It now expects full-year operating profit to be in between ₤ 260m and ₤ 280m, below ₤ 291.4 m in 2015. As an outcome, the FTSE 250 business saw its shares drop almost 40p to 331p.

However, the benchmark FTSE 100 ended flat, up 6.4 points at 6199.1.

Top riser on the FTSE 100 was B&Q owner Kingfisher. Its shares ended up 6% regardless of reporting a 20% drop in full-year earnings to ₤ 512m.

However, when reorganizing expenses were removed out, underlying earnings were a better-than-expected ₤ 686m.

William Hill said there were 2 main elements behind the weaker-than-expected performance from its online company.

It stated it had seen "an acceleration in the number of time-outs and automatic self-exclusions over current weeks", steps which allow punters to halt gambling with a bookmaker.

William Hill said that while the pattern was "still progressing, we estimate that, ought to these patterns persist around existing levels, the consequent lower earnings will lower online's revenues by ₤ 20-25m in 2016".

Secondly, its revenue margins were lower than expected because of European football outcomes and recently's Cheltenham horseracing festival, where bookies were struck by large a number of favourites winning races.

William Hill said that regardless of its online problems, the more comprehensive group continued "to trade well" and remained in line with expectations.

The company likewise stated it was in "sophisticated discussions" to invest in Openbet, a gaming software application company.

Sterling weak

Elsewhere on the London market, shares in Sports Direct were having another bad day, down an even more 5.6% after dropping about 10% on Tuesday.

Earlier the seller had actually issued a statement stating that it expected full-year underlying revenues to be "at or around the bottom" of a formerly estimated range. the yohaig code declaration was provided following remarks that creator Mike Ashley made to the Times newspaper on Tuesday.

On the currency markets, the pound stayed weak after having actually fallen sharply on Tuesday in the wake of the fear attacks in Brussels, which were seen as increasing the possibility of the UK voting to leave the EU.

On Wednesday, sterling fell nearly 1% versus the dollar to $1.4087. Against the yohaig code euro, it lost 0.4% to EUR1.2623.

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