Back to Drawing Board for Will Hill
By Neal Farran | January 12, 2008
William Hill, the London based online gambling company, has seen its share price fall to a 52-week low, partly the result of its termination of its anticipated new software upgrade.
The new platform, dubbed “NextGen,” was supposed to offer William Hill’s customers products that were "clearly superior to anything currently available to our major competitors,” according to ex-chief executive David Harding, who left the company in September.Now, a month after NextGen was to be rolled out, it is being trashed.The company will instead go with a third-party software solution.
Because of this, William Hill’s 2007 profits will be charged with a £22 million non-cash impairment, making them £7 million lower than they were in 2006 (£285 million versus £292 million).
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