British bookmaker William Hill said this morning it was comfortable with market expectations for the full year as it reported a 9 per cent increase in gross win for the third quarter.
In a trading update the group said gross win for the nine months to October 14th increased 5 per cent. It shares rose 10 per cent in early trading.
"This is a solid operational performance by the group since the half-year, demonstrating the resilience of the business against a challenging economic environment," chief executive Ralph Topping said.
"We see little evidence that our business has been impacted by the economic downturn ... the board remains comfortable with market expectations for the group," he said.
William Hill said that as of September 30th its net debt was £1.03 billion, a reduction of £27.4 million from July 1st.
"The group continues to perform strongly and operate comfortably within its banking covenants," it added.
William Hill also said on Monday it has acquired certain affiliates of Playtech and entered an online gaming licence agreement with the company to create an enlarged William Hill Online business.
It said the deal requires limited upfront cash with capital expenditure, transaction costs and integration costs of about £24 million.
Shares in William Hill, which have lost 74 per cent of their value over the last year, rose 10 per cent at the opening to 183-3/4 pence after closing on Friday at 166.5 pence, valuing the business at £579 million.