* Robust trading performance in 2008, strong performance in last 11 weeks of 2008
* Strong recovery achieved in online business with 11% growth in net revenue and 18% increase in active accounts
* William Hill Online launched on 30 December 2008, creating one of Europe's leading online betting and gaming businesses
* New, enhanced online Sportsbook launched, providing richer site content, a full range of in-running betting opportunities, six language options and
more local currency betting
* Tight control of underlying cost base with retail division held at +3%
* Net debt reduced by £86m to £1,022m, reflecting continued strong cash generation
Refinancing
* Previous bank facilities of £1.45bn, with the majority maturing in March 2010
* Funding requirement reduced to approximately £1.2bn
* New bank facilities obtained that, together with the Group's £250m existing bank facility, in aggregate, will provide funding of £838.5m
* Refinancing completed by fully underwritten rights issue to raise approximately £350m (net of expenses) on the basis of 1 new ordinary share
for every 1 existing ordinary share
* Decision to issue equity driven by the dramatic deterioration in credit markets since August 2007, which has resulted in banks seeking to reduce
their overall lending to borrowers. This has not made it possible for William Hill to refinance the Group's existing bank facilities in full in
the bank market
* Net proceeds of rights issue will be used to pay down borrowings and will therefore strengthen the Group's balance sheet and improve the Group's
credit profile
* William Hill will not be paying a final 2008 dividend and expects to recommence with the 2009 interim dividend
http://www.stockopedia.com/news/announcement/WMH/090227wmh9853n.htm
