William Hill Pushed Into Loss

William Hill pressed into loss by Australia writedown


23 February 2018
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William Hill has been pushed into an annual loss after slashing the worth of its Australian company.


The bookie reported a pre-tax loss of ₤ 74.6 m for 2017, compared with a profit of ₤ 181.3 m the year before.
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That change was generally due to a ₤ 238m charge the business required to jot down the yohaig code worth of its company in Australia.


The writedown follows changes in regulation - with credit-funded betting now prohibited in Australia - and an increase in tax in some states.
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William Hill is presently carrying out a tactical evaluation of its Australian company, which is due to be completed by mid-2018.
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Online boost


Despite the significant write-off pressing the business into a loss, William Hill said that its underlying efficiency had enhanced.
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Net profits rose 7% to ₤ 1.7 bn, while adjusted operating revenue climbed up 11% to ₤ 291.3 m.


said earnings from its online business rose 13%, which it stated shown improvements to its website and marketing.
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On Tuesday, William Hill was hit with a ₤ 6.2 m fine by the Gambling Commission for breaching anti-money-laundering and social obligation guidelines.


The Commission stated the business did not do enough to ensure oversight procedures worked. As a result, 10 customers had the ability to transfer money linked to criminal offenses.
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In its outcomes declaration, William Hill repeated that it had actually committed to perform an independent review as an outcome of the findings, and would work to execute any suggestions that emerge.
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