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William Hill pushed into loss by Australia writedown

23 February 2018

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

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

That change was primarily due to a ₤ 238m charge the company required to jot down the value of its organization in Australia.

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

William Hill is currently bring out a strategic review of its Australian service, which is due to be finished by mid-2018.

Online increase

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

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

William Hill stated incomes from its online business rose 13%, which it stated 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 responsibility regulations.

the yohaig code Commission stated the business did not do enough to guarantee oversight procedures were effective. As a result, 10 consumers had the ability to deposit money connected to criminal offences.

In its results declaration, William Hill reiterated that it had actually devoted to carry out an independent review as an outcome of the findings, and would work to implement any recommendations that emerge.

William Hill charge 'could increase' Video, 00:00:55 William Hill charge 'could increase'

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