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William Hill pushed into loss by Australia writedown

23 February 2018

William Hill has been pushed into an annual loss after slashing the worth of its Australian service.

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

That change was generally due to a ₤ 238m charge the yohaig code company required to write down the value of its organization in Australia.

The writedown follows modifications in regulation - with credit-funded betting now prohibited in Australia - and a rise in tax in some states.

William Hill is currently bring out a tactical evaluation of its Australian company, which is due to be completed by mid-2018.

Online boost

Despite the yohaig code hefty write-off pressing the yohaig code business into a loss, William Hill stated that its underlying performance had enhanced.

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

William Hill said profits from its online company rose 13%, which it stated shown improvements to its site and marketing.

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

The Commission said the did refrain from doing enough to guarantee oversight measures were reliable. As a result, 10 customers were able to transfer cash connected to criminal offenses.

In its results declaration, William Hill restated that it had dedicated to bring out an independent review as a result of the findings, and would work to execute any suggestions that emerge.

William Hill charge 'could go up' Video, 00:00:55 William Hill penalty 'could increase'

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