William Hill Best Pure Play
Swiss stockbroker UBS last week called William Hill plc (WMH.L) the best "pure play" among British betting shop operators and upgraded the company's rating from "neutral" to "buy" with a 545p target. Shares in the company rose to their highest levels since its flotation in 2002, gaining 23p to close at 466p. USB believes that England's new gambling bill will not be implemented until the end of 2006 and says that high street bookmakers will benefit most from a delay after already having benefited from the early introduction of fixed-odds terminals.
Upcoming Reports
Toronto-based software developer CryptoLogic Inc. (CRY.TO) on Thursday will release its financial results for the fourth quarter and year ended Dec. 31, 2003. The company will host a conference call that same day at 8:30 a.m. (EST) and will also provide a live webcast.
Reports Released
Tabcorp Holdings Ltd (TAH.AX), Australia's largest gambling company, experienced an 18 percent increase in net profit for the six months ended Dec. 31, 2003, taking in AU$155.4 million. The group's net operating revenue for the interim was AU$1,118.5 million, up 13.8 percent from last year. EBITA at the wagering and network games sector rose 14.8 percent to AU$55 million on revenue that was up 7.6 percent to AU$291 million. Tabcorp is offering a fully franked dividend of 35 cents per share on the interim. Just this week Tabcorp announced that it has raised its bid for Queensland's Tab Ltd. to AU$2.03 billion.
Tabcorp Holdings Ltd. - Interim Report
The New Zealand Lotteries Commission has reported its financial results for the first six months ended Dec. 31, 2003, boasting overall sales of NZ$342.5 million, a figure that is NZ$65.3 million (23.5 percent) greater than the same period a year ago. The commission also reported a net surplus of NZ$76.4 million, up NZ$23.1 million from last year. This latest interim marks the highest level of sales the Commission has experienced for any six-month period since it began trading in 1987.
Tabcorp Holdings Ltd. - Interim Report