William Hill plc - Key observations from call and initial view on FY estimates

Davy Research
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William Hill’s (WMH) performance year-to-date is a reminder of the challenges — both external and internal — facing the business at present. However, many of these are well understood and no worse than feared. As such, we do not expect to make material changes to our estimates at this time. We currently expect adjusted operating profits to fall 45% to £128m (consensus: £133m). Below, we set out our key observations from its short conference call (held at 08.15).