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William Hill profit misses consensus by 33.0% in fiscal H2

William Hill Ltd. said its normalized net income for the fiscal second half ended Dec. 29, 2015, came to 8 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 12 pence per share.

EPS decreased 33.6% year over year from 12 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £70.3 million, a decrease of 33.5% from £105.7 million in the year-earlier period.

Total revenue fell on an annual basis to £782.8 million from £804.1 million, and total operating expenses climbed 5.9% from the prior-year period to £651.2 million from £614.7 million.

Reported net income increased 11.6% year over year to £120.4 million, or 14 pence per share, from £107.9 million, or 12 pence per share.

For the year, the company's normalized net income totaled 17 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 23 pence.

EPS declined 23.5% from 23 pence in the prior year.

Normalized net income was £152.3 million, a decline of 23.2% from £198.3 million in the prior year.

Full-year total revenue declined on an annual basis to £1.59 billion from £1.61 billion, and total operating expenses rose on an annual basis to £1.31 billion from £1.25 billion.

The company said reported net income decreased 7.7% on an annual basis to £190.3 million, or 22 pence per share, in the full year, from £206.2 million, or 23 pence per share.