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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  William Hill plc    WMH   GB0031698896

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William Hill names interim chief Philip Bowcock CEO

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03/10/2017 | 01:20pm CEST

British bookmaker William Hill Plc (>> William Hill plc) promoted interim Chief Executive Philip Bowcock to its top job on Friday, ending an over seven-month-long search for a permanent CEO.

British bookmaker William Hill Plc (>> William Hill plc) promoted interim Chief Executive Philip Bowcock to its top job on Friday, ending an over seven-month-long search for a permanent CEO.

The betting chain has not had a permanent chief executive since James Henderson's departure in July after he failed to deliver enough growth in online and international gambling.

William Hill shares were up 1.5 percent at 273.7 pence.

The company said last month it expected to improve its performance this year following a 10 percent decline in 2016 operating profit.

Bowcock joined William Hill in November 2015 as chief financial officer from cinema operator Cineworld Group Plc (>> Cineworld Group plc) with no prior experience in the gambling industry.

"Since his appointment as Interim CEO last July, Philip has driven the business forward at real pace and we have seen important progress across our Online, Retail and international businesses over that time," William Hill Chairman Gareth Davis said in a statement.

The London-based bookmaker has missed out on a consolidation spree in the gambling sector in recent years, even as rivals have expanded through mergers.

It abandoned merger talks with Canada's Amaya Inc (>> Amaya Inc) in October after opposition from a leading investor.

A month before that, casino and bingo hall operator Rank Group Plc (>> Rank Group PLC) and online betting firm 888 (>> 888 Holdings Public Limited Company) ended efforts to buy William Hill after it rejected a revised offer.

Meanwhile, Ladbrokes (>> Ladbrokes PLC) merged with Gala Coral in November. Paddy Power (>> Paddy Power Betfair PLC) and Betfair joined forces in 2015.

As chief executive, Bowcock will receive a 9 percent increase in his annual salary to 600,000 pounds ($729,480), William Hill said.

($1 = 0.8225 pounds)

(Reporting by Tenzin Pema and Arathy S Nair in Bengaluru; Editing by Sunil Nair and Sai Sachin Ravikumar)

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Financials ( GBP)
Sales 2017 1 711 M
EBIT 2017 275 M
Net income 2017 201 M
Debt 2017 442 M
Yield 2017 4,60%
P/E ratio 2017 12,07
P/E ratio 2018 11,20
EV / Sales 2017 1,69x
EV / Sales 2018 1,56x
Capitalization 2 443 M
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Mean consensus HOLD
Number of Analysts 17
Average target price 2,97  GBP
Spread / Average Target 4,4%
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Managers
NameTitle
Philip Bowcock Chief Executive Officer & Director
Gareth Davis Non-Executive Chairman
Ruth Catherine Prior Chief Financial Officer
John Bassett Head-Research & Development
Kevin O'Connor Group Chief Information Officer
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