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 business.
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the yohaig code bookie reported a pre-tax loss of ₤ 74.6 m for 2017, compared with a revenue of ₤ 181.3 m the year before.
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That modification was generally due to a ₤ 238m charge the business took to write down the value of its organization in Australia.
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The writedown follows changes in regulation - with credit-funded betting now banned in Australia - and a rise in taxation in some states.
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William Hill is currently performing a tactical review of its Australian company, which is because of be finished by mid-2018.

Online increase

Despite the substantial write-off pushing the business into a loss, William Hill said that its underlying performance had actually enhanced.

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

William Hill stated revenues from its online organization 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 policies.
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The said the company did not do enough to guarantee oversight measures were effective. As an outcome, 10 consumers had the ability to transfer money linked to criminal offenses.

In its results statement, William Hill reiterated that it had dedicated to carry out an independent review as a result of the findings, and would work to execute any recommendations that emerge.

William Hill penalty 'might go up' Video, 00:00:55 William Hill penalty 'could increase'
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1 February 2018

Betting shares slide on stake-cut report

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