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William Hill pushed into loss by Australia writedown

23 February 2018

William Hill has actually been pushed into an annual loss after slashing the value 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 change was generally due to a ₤ 238m charge the company took to jot down the value of its company in Australia.

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

William Hill is currently performing a strategic review of its Australian company, which is because of be finished by mid-2018.

Online boost

Despite the substantial write-off pressing the company into a loss, William Hill stated that its underlying performance had actually enhanced.

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

William Hill stated revenues from its online business rose 13%, which it said reflected enhancements 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 policies.

The Commission said the business did not do enough to make sure oversight procedures worked. As a result, 10 clients were able to transfer cash linked to criminal offences.

In its results statement, William Hill restated that it had dedicated to carry out an independent review as a result of the yohaig code findings, and would work to implement any suggestions that emerge.

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