British bookmaker William Hill lowered full-year profit expectations today after saying it had suffered from unfavourable sporting results in recent weeks.
William Hill said that, depending on sporting results over the next six weeks, profits will be between £230 million compared to £240 million in earlier estimates.
William Hill chief executive David Harding said too many favourites had won horse races and soccer matches. "Results have been intermittently poor, while we are not immune to conditions along the high street.
"They are at the disappointing end, rather the profit-warning end of the range," he added.
Earlier today, Hilton Group said its Ladbrokes betting shops had suffered from poor horse racing results in October, while Paddy Power warned its 2005 operating profits were likely to miss forecasts.
William Hill shares fell as much as 4.7 per cent to a five-month low of 507 pence immediately after the trading update.