William Hill pushed into loss by Australia writedown

23 February 2018

William Hill has actually been pushed into an annual loss after slashing the yohaig code worth of its Australian organization.

The bookmaker reported a pre-tax loss of ₤ 74.6 m for 2017, compared with a revenue of ₤ 181.3 m the year before.

That modification was mainly due to a ₤ 238m charge the business took to document the worth of its business in Australia.

The writedown follows modifications in regulation - with credit-funded betting now banned in Australia - and an increase in tax in some states.

William Hill is presently performing a tactical evaluation of its Australian service, which is because of be finished by mid-2018.

Online boost

Despite the hefty write-off pushing the company into a loss, William Hill said that its underlying performance had enhanced.

Net profits rose 7% to ₤ 1.7 bn, while adjusted operating earnings climbed up 11% to ₤ 291.3 m.

William Hill said revenues from its online company rose 13%, which it said reflected improvements to its site and marketing.

On Tuesday, William Hill was hit with a ₤ 6.2 m fine by the Gambling Commission for breaching anti-money-laundering and social obligation regulations.

The Commission said the company did refrain from doing enough to make sure oversight procedures were reliable. As a result, 10 consumers were able to deposit money connected to criminal offences.

In its results declaration, William Hill repeated that it had actually committed to bring out an independent evaluation as an outcome of the findings, and would work to execute any recommendations that emerge.

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