William Hill (LSE:WMH)
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William Hill PLC
20 May 2020
20 May 2020
VAT Refund Update
William Hill PLC (LSE: WMH) (William Hill or the Group) acknowledges that HMRC has confirmed it will not appeal the Upper Tier Tribunal ruling in the Rank/Done Brothers (Betfred) claim that VAT was incorrectly applied to revenues earned from certain gaming machines prior to 2013 (the 'VAT challenge').
The Group has submitted claims which are substantially similar to those provided in the VAT challenge. Those claims have not yet been subject to the detailed evidential and accounting reviews that will need to take place before entitlement to the refund can be settled.
Whilst William Hill currently expects the net cash recovery to be material, its precise quantum remains uncertain. Nevertheless, the Board has considered a number of scenarios which suggest a potential net cash recovery of between GBP125m and GBP150m.
As a result of this announcement, we will now engage with HMRC to agree the support for, quantum and timing of the refund.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse regulation EU 596/2016. The person responsible for arranging the release of this announcement on behalf of William Hill is Simon Callander, General Counsel and Company Secretary.
OAM: Additional Regulated Information
William Hill LEI: 213800MDW41W5UZQIX82
William Hill Louise Turner-Smith, Director of Tel: +44 (0) 20 7612
Investor Relations 3251
Alison Cole, Director of Corporate Tel: +44 (0) 20 7612
Brunswick Andrew Porter / Samantha Chiene Tel: +44 (0) 20 7404
About William Hill
William Hill PLC is one of the world's leading betting and gaming companies, employing c.12,000 people. Its origins are in the UK where it was founded in 1934, and where it is listed on the London Stock Exchange. The majority of its GBP1.6bn annual revenues are still derived from the UK, where it has a national presence of licensed betting offices and one of the leading online betting and gaming services. William Hill's European Online business is headquartered in Gibraltar and Malta, and is licensed online in 10 countries following the acquisition of Mr Green & Co AB in January 2019. In 2012, it established William Hill US with a focus on retail and mobile operations in Nevada and became the largest sports betting business in the US. Following the ruling in May 2018 by the Supreme Court that the federal ban on state sponsored sports betting was unconstitutional, William Hill US has expanded and continues to expand as new states regulate sports betting. It is now operating in nine states: Delaware, Indiana, Iowa, Mississippi, Nevada, New Mexico, New Jersey, Rhode Island and West Virginia in addition to Washington DC. Eldorado Resorts, Inc. currently owns shares representing 20% of the share capital of William Hill US Holdco, Inc., the holding company of William Hill US.
Cautionary note regarding forward-looking statements
This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "plans", "goal", "target", "aim", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout these results and the information incorporated by reference into these results and include statements regarding the intentions, beliefs or current expectations of the directors, William Hill or the Group concerning, amongst other things, the results of operations, financial condition, liquidity, prospects, growth, strategies and dividend policy of William Hill and the industry in which it operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond William Hill's ability to control or predict. Forward-looking statements are not guarantees of future performance. The Group's actual results of operations, financial condition, liquidity, dividend policy and the development of the industry in which it operates may differ materially from the impression created by the forward-looking statements contained in these results and/or the information incorporated by reference into these results. In addition, even if the results of operations, financial condition, liquidity and dividend policy of the Group and the development of the industry in which it operates, are consistent with the forward-looking statements contained in these results and/or the information incorporated by reference into these results, those results or developments may not be indicative of results or developments in subsequent periods. Other than in accordance with its legal or regulatory obligations ( including under the Market Abuse Regulation (596/2014), the Listing Rules, the Disclosure Guidance and Transparency Rules and the Prospectus Rules ), William Hill does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
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(END) Dow Jones Newswires
May 20, 2020 02:00 ET (06:00 GMT)