William Hill released full-yearly figures this morning, highlighting a 6 percent rise in gross win to £983.7 million tempered with a 2 percent fall in operating profit to £286.7 million.
With regard to its interactive business, gross win fell by £10.7 million to £119.8 million with operating profits down by £10.6 million to 50.9 million on 2006 -- due in large part to the failure of its in-house technology program, NextGen, to develop a competitive in-running betting platform.
The bookie's January decision to scrap NextGen following a November 2007 review resulted in an exceptional charge of £20.9 million, with restructuring charges of approximately £4 million in 2008.
Newly-appointed Chief Executive Ralph Topping called the performance of group's online division "disappointing," but said that its agreement with software specialist Orbis would see its new platform delivered by November 2008.
"Orbis are telling us it's (the platform) in significantly better shape than other projects they've done," Topping told Reuters.
Meanwhile, in a conference call with reporters, Topping categorically dismissed earlier rumors regarding a potential tie-up with Paddy Power.
"I don't see any logic in it," he said. "That was speculation on the part of an analyst but there's nothing new in that."
Indeed, Ivor Jones, an analyst with Evolution Securities, suggested earlier this month that Paddy Power's marketing savvy would compliment William Hill's scale and reach.
Topping added that the group had no plans to follow rival Ladbrokes into the Asian market.
"I live in the real world," he told the London Times. "You'll never catch me in a canoe up the Mekong Delta. We'll focus on what we're doing and doing it well."
Topping would not comment on the ongoing case involving compulsive gambler Graham Calvert, but did allow that the outcome "could be very interesting."
Adjusted earnings per share rose by 4 percent to 47.4p and the final dividend is 7 percent higher at 15.5p.
On the London Stock Exchange, shares in William Hill were up 11.25p (2.8 percent) to 413.50.