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William Hill pressed into loss by Australia writedown

23 February 2018

William Hill has been pushed into a yearly loss after slashing the value of its Australian company.

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

That modification was generally due to a ₤ 238m charge the business took to make a note of the value of its business in Australia.

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

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

Online boost

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

Net profits increased 7% to ₤ 1.7 bn, while changed operating profit climbed 11% to ₤ 291.3 m.

William Hill stated incomes from its online service increased 13%, which it stated shown improvements to its website 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 duty guidelines.

The Commission said the business did not do enough to guarantee oversight procedures were effective. As an outcome, 10 customers had the ability to deposit cash linked to criminal offences.

In its outcomes declaration, William Hill reiterated that it had committed to perform an independent evaluation as an outcome of the findings, and would work to execute any suggestions that emerge.

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