Brazil were not the only ones celebrating

Annual profits at the high street bookie are up 18% to �32m.

The figure would have more than doubled had it not been for the �49m cost of floating on the stock market.

The company's online division was its star performer, with profits up a massive 123%, at �20.5m.

Bad results

Last year's football World Cup also had tills ringing, raking in �13m of wins for the bookmaker.

Changes in betting tax, which sees bookmakers' gross profits being taxed rather than punters' stakes, also boosted the bottom line.

All the signs are that customers are spending the money saved on tax "on more and bigger bets", the firm said.

On the downside, the firm was hit by a string of unfavourable horse racing results towards the end of last year.

Overall, William Hill's turnover was up 37% to �3.36bn, with gross wins up 5% to �327.7m.

Profit before tax, one-off items, and financial charges rose to �141.4m from �112m a year earlier.

Online developments

William Hill said it plans to concentrate on developing its online division within the UK, rather than overseas, where it faced potential regulatory issues.

The company launched an online poker game last month and plans to make it easier for punters to transfer funds between betting and casino accounts.

Chairman John Brown said: "I am delighted to be able to report a record level of profit for the year in which William Hill floated on the London Stock Exchange.

"We begin 2003 with a strong brand, a strong market position, a strong management team and a strong balance sheet, and we face the future with justifiable confidence as we look forward to further deregulation of the UK gambling industry."

William Hill shares were up 5.25p at 222.5p when the markets opened in London.

The company's stock has held up well since its market debut last June, remaining close to their issue price in a falling market.